Question

At the beginning of 2011, Bonds Company had total assets of $650,000 and total liabilities of...

At the beginning of 2011, Bonds Company had total assets of $650,000 and total liabilities of $390,000. Answer each of the following questions.

1. If total assets increased $60,000 and stockholders' equity decreased $90,000 during the year, determine the amount of total liabilities at the end of the year.

2. During the year, total liabilities decreased $75,000 and stockholders' equity increased $50,000. Compute the amount of total assets at the end of the year.

3. If total assets decreased $100,000 and total liabilities increased $55,000 during the year, determine the amount of stockholders' equity at the end of the year.

Homework Answers

Answer #1

Solution:

We know that

Total assets = Total stockholders'equity + Total liabilities

1.)

Total Assets = Total stockholders'equity + Total liabilities
Beginning $650,000 = $260,000($650,000 - $390,000) + $390,000
Change $60,000 = (90,000)
Ending $710,000 = $170,000 + $540,000($710,000 - $170,000)

2.)

Total Assets = Total stockholders'equity + Total liabilities
Beginning $650,000 = $260,000($650,000 - $390,000) + $390,000
Change = $50,000 $(75,000)
Ending $625,000 = $310,000 + $315000

3.)

Total Assets = Total stockholders'equity + Total liabilities
Beginning $650,000 = $260,000($650,000 - 390,000) + $390,000
Change $(100,000) $55,000
Ending $550,000 $105,000($550,000 - $445,000) + $445,000

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