Dream-It LLC is a motivational consulting business. At the end of its accounting period, December 31, 2015,
Question:
Dream-It LLC is a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of $150,000. Using the accounting equation, determine the following amounts:
a. Stockholders' equity as of December 31, 2015.
b. Stockholders' equity as of December 31, 2016, assuming that assets increased by $90,000 and liabilities increased by $25,000 during 2016.
Step by Step Answer:
a b A L ...View the full answer
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Related Video
The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
Students also viewed these Accounting questions
-
Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of...
-
Ultima is a motivational consulting business. At the end of its accounting period, December 31, 2013, Ultima has assets of $942,000 and liabilities of $584,000. Using the accounting equation,...
-
Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 2013, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation,...
-
Determine which of the following statement(s) will always be true. It is possible that more than one statement is true. Only write down the letters of the statements that are true. n +1 2.1 The...
-
Is the work sheet a substitute for the financial statements? Discuss.
-
How surprised were you with your score and to what extent did it differ from the norm?
-
Calculate \(\frac{38}{73}+\frac{7}{73}\).
-
Copy Service Co. purchased a new color copier at the beginning of 2010 for $42,000. The copier is expected to have a five-year useful life and a $6,000 salvage value . The expected copy production...
-
Wayman Corporation reports the following amounts in its December31, 2021, income statement. Sales revenue $ 460,000 Income taxexpense $ 60,000 Interest expense 30,000 Cost of goods sold 140,000Sala 0...
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $600,000 on...
-
A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows: Cash receipts: Cash received from customers ................................ $1,465,000 Cash received...
-
Use the Sampling Distributions applet. Set the population to Binary, p = 0.6. The graph of the population distribution for a categorical variable with p , the population proportion, equal to 0.60...
-
If I was using the Multiples of Income method in order to ascertain an amount required TPD, what would be included in making this calculation. Please provide an examples of a complex method and an...
-
a) The finance literature has found that options that are deep out-of-the-money (i.e., the underlying asset's price would need to change a lot for the option to have a positive payoff) are...
-
Suppose you company is considering purchasing a firm called "Cleanco". The management of Cleanco is asking for $20 million for the acquisition. You expect the cash-flow from Cleanco to be highly...
-
6. The Singhs are looking to refinance their house to do some renovations. The current appraised value of their home is $425,000 and they have a $165,000 mortgage currently on it. Please discuss the...
-
What is the approximate duration and what is the dollar duration of a 6 year bond that is priced to yield 4% and has a 3% coupon rate with semi-annual coupons.
-
An art gallery has a small plot of land with 10 sculptures. The sculptures are shown as points on the grid below. The distances are measured in metres. a. The gallery is building a rectangular...
-
Problem 2. (0.6 points, 0.2 points for each question) (a) A company turns its inventory 2 times a month. Its months-of-supply = Its days-of-supply = Please show your analysis below: _months. days. (1...
-
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
-
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
-
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
-
Tyler believes that some laws passed by his state's legislature are bad, and he refuses to comply with them. He believes a universal law above all others that grants rights to all people and that it...
-
Organizational commitment increases the likelihood that an individual will respond to a negative work event with loyalty or neglect. voice or exit. loyalty or voice. O exit or loyalty.
-
In the context of decision-making, satisficing refers to Selecting options at random without any thought O Always choosing the first available option O Avoiding decisions to reduce cognitive load...
Study smarter with the SolutionInn App