Question

(a) The liabilities of Bramble Company are $87,000. Common stock account is $156,000; dividends are $40,000;...

(a) The liabilities of Bramble Company are $87,000. Common stock account is $156,000; dividends are $40,000; revenues, $451,000; and expenses, $319,000. What is the amount of Bramble Company’s total assets?

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Answer #1

Step 1 :Net income =Revenue -expenses

                              = 451000 - 319000

                              = 132000

Step 2 :Retained earning = Beginning balance+net income -dividend

                            = 0 + 132000 - 40000

                            = 92000

Step 3 :Stockholders equity =common stock +retained earning

                           = 156000 +92000

                         = 248000

Step 4 ;Total assets =Total liabilities+ total stockholders equity

                              = 87000 + 248000

                              = 335000

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