ACC 561 Week 1 Assignment

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Brief Exercise 1-7

Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows.

     
     
     
     
     
     
     

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Brief Exercise 1-8

 

Use the basic accounting equation to answer these questions.

(

 

   

 



(b) The total assets of Laven Company are $186,000 and its stockholders’ equity is $88,900. What is the amount of its total liabilities?

 

   

 



(c) The total assets of Peterman Co. are $939,000 and its liabilities are equal to one fourth of its total assets. What is the amount of Peterman Co.’s stockholders’ equity?

 

   

 

 

 

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