Applying the Fundamental Accounting Equation

On January $1,$ Huffer Corporation had total assets of $$232,400,$ total liabilities of $$94,200,$

common stock of $$50,000,$ and retained earnings of $$88,200.$ During the year, Huffer had

net income of $$51,750,$ declared and paid dividends of $$10,000,$ and issued additional

common stock for $$15,000.$ Huffer's total assets on December $31$ were $$285,500.$

Required:

Calculate the amount of liabilities that Huffer must have on December $31$ in order for the

balance sheet equation to balance.

$Applying the Fundamental Accounting Equation

On January $1,$ Huffer Corporation had total assets of $$232,400,$ total liabilities of $$94,200,$ common stock of $$50,000,$ and retained earnings of $$88,200.$ During the year, Huffer had net income of $$51,750,$ declared and paid dividends of $$10,000,$ and issued additional common stock for $$15,000.$ Huffer$$s total assets on December $31$ were $$285,500.$

Required:

Calculate the amount of liabilities that Huffer must have on December $31$ in order for the balance sheet equation to balance.

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At the beginning of the year, Morgan Company had total assets of $$425,000$ and total

liabilities of $$260,000.$

Required:

Use the fundamental accounting equation to answer the following independent questions:

What is total stockholders' equity at the beginning of the year?

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If$,$ during the year, total assets increased by $$73,000$ and total liabilities increased by

$$32,000,$ what is the amount of total stockholders' equity at the end of the year?

$

If$,$ during the year, total assets decreased by $$52,000$ and total stockholders' equity

increased by $$35,000,$ what is the amount of total liabilities at the end of the year?

$

If$,$ during the year, total liabilities increased by $$85,000$ and total stockholders' equity

decreased by $$73,000,$ what is the amount of total assets at the end of the year?

$