Use the accounting equation to answer each question that follows. Show any calculations you make. E-6 1.
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Use the accounting equation to answer each question that follows. Show any calculations you make. E-6
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1. The assets of Caton Corporation are $800,000, and the stockholders' equity is $310,000. What is the amount of the liabilities? 2. The liabilities and stockholders' equity of Sung Corporation are $72,000 and $53,000, respectively. What is the amount of the assets? 3. The liabilities of Plumb Corp. equal one-third of the total assets, and stockholders' equity is $240,000. What is the amount of the liabilities? 4. At the beginning of the year, Wilde Corporation's assets were $220,000 and its stockholders' equity was $120,000. During the year, assets increased $60,000, and liabilities decreased $18,000. What is the stockholders' equity at the end of the year?
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