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Use the basic accounting equation to answer these questions. (a) The liabilities of Lantz Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Lantz's total assets? Total assets $ (b) The total assets of Salley Company are $170,000 and its stockholders' equity is $80,000. What is the amount of its total liabilities? Total liabilities $ (c) The total assets of Brandon Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon's stockholders' equity? Stockholders' equity $

Use the basic accounting equation to answer these questions. (a) The liabilities of Lantz Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Lantz's total assets? Total assets $ (b) The total assets of Salley Company are $170,000 and its stockholders' equity is $80,000. What is the amount of its total liabilities? Total liabilities $ (c) The total assets of Brandon Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon's stockholders' equity? Stockholders' equity $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the basic accounting equation to answer these questions. (a) The liabilities of Lantz Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Lantz's total assets? Total assets (b) The total assets of Salley Company are $170,000 and its stockholders' equity is $80,000. What is the amount of its total liabilities? Total liabilities $ (c) The total assets of Brandon Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon's stockholders' equity? Stockholders' equity $
Transcribed Image Text:Use the basic accounting equation to answer these questions. (a) The liabilities of Lantz Company are $90,000 and the stockholders' equity is $230,000. What is the amount of Lantz's total assets? Total assets (b) The total assets of Salley Company are $170,000 and its stockholders' equity is $80,000. What is the amount of its total liabilities? Total liabilities $ (c) The total assets of Brandon Co. are $800,000 and its liabilities are equal to one-fourth of its total assets. What is the amount of Brandon's stockholders' equity? Stockholders' equity $
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