Use the accounting equation to answer the following questions. 1. Picaresque Sails Co. has total assets of

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Use the accounting equation to answer the following questions.

1. Picaresque Sails Co. has total assets of $140,000 and total liabilities of $45,000. What is stockholders' equity?

2. The Natenal Fun Center has total assets of $225,000 and stockholders' equity of $100,000.

What are total liabilities?

3. Okkervil River Restaurant has total liabilities of $50,000 and stockholders' equity of $100,000.

What are total assets?

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Loose Leaf For Financial Accounting For Managers

ISBN: 978-1264503988

1st Edition

Authors: Wayne Thomas ,Michael Drake ,Jake Thornock ,David Spiceland

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