1. On 1/1/x9, Clovis Corp. has total assets of $1,750,000 and capital stock totaling $360,000. If the company has total liabilities that amount to $670,000, then what must be the companys retained earnings at 1/1/x9?
2. Determine the total amount of assets Advanced Inc. has at 12/31/x9, if its total liabilities at that date are $950,000 and total equity (capital stock plus retained earnings) is equal to $1,375,000.
3. If the equity accounts of a particular company increased by $1 million dollars, and during the same period, their liability accounts fell by $2 million dollars, then assets must have increased/decreased by what amount?
4. On 1/1/x9, Sharpe Inc. determined it had assets of $2,050,000 and total liabilities of $925,000. During 20x9, Sharpe increased its capital stock by issuing common stock for $270,000. Sharpe recorded net income of $800,000 and paid dividends of $300,000. There were no other equity transactions for the year. If Sharpe Inc. had total assets of $2,500,000 at 12/31/x9, determine the change in liabilities during the year and the total amount of liabilities at 12/31/x9.