Accounting Equation
The total assets and total liabilities of Pat's Coffee & TeaInc. and Pam's Corporation are shown below.
Pat's Coffee & Tea Inc. (in millions)
Pam's Corporation (in millions)
Assets
$41,677
$40,427
Liabilities
18,338
19,405
Determine the stockholders' equity of each company.
Pat's Coffee & Tea Inc. stockholders' equity
$ ______
Pam's Corporation stockholders' equity
$ ______
Go44 is a motivational consulting business. At the end of itsaccounting period, December 31, 2015, Go44 has assets of $720,000and liabilities of $180,000. Using the accounting equation andconsidering each case independently, determine the followingamounts:
a. Stockholders' equity as of December 31,2015.
$
b. Stockholders' equity as of December 31,2016, assuming that assets increased by $96,500 and liabilitiesincreased by $30,000 during 2016.
$
c. Stockholders' equity as of December 31,2016, assuming that assets decreased by $168,000 and liabilitiesincreased by $15,000 during 2016.
$
d. Stockholders' equity as of December 31,2016, assuming that assets increased by $175,000 and liabilitiesdecreased by $18,000 during 2016.
$
e. Net income (or net loss) during 2016,assuming that as of December 31, 2016, assets were $880,000,liabilities were $220,000, and no additional common stock wasissued or dividends paid.
$
Accounting Equation
The total assets and total liabilities of Pat's Coffee & TeaInc. and Pam's Corporation are shown below.
Pat's Coffee & Tea Inc. (in millions) | Pam's Corporation (in millions) | |||||||
Assets | $41,677 | $40,427 | ||||||
Liabilities | 18,338 | 19,405 | ||||||
Determine the stockholders' equity of each company.
Pat's Coffee & Tea Inc. stockholders' equity | $ ______ |
Pam's Corporation stockholders' equity | $ ______ |
Go44 is a motivational consulting business. At the end of itsaccounting period, December 31, 2015, Go44 has assets of $720,000and liabilities of $180,000. Using the accounting equation andconsidering each case independently, determine the followingamounts:
a. Stockholders' equity as of December 31,2015.
$
b. Stockholders' equity as of December 31,2016, assuming that assets increased by $96,500 and liabilitiesincreased by $30,000 during 2016.
$
c. Stockholders' equity as of December 31,2016, assuming that assets decreased by $168,000 and liabilitiesincreased by $15,000 during 2016.
$
d. Stockholders' equity as of December 31,2016, assuming that assets increased by $175,000 and liabilitiesdecreased by $18,000 during 2016.
$
e. Net income (or net loss) during 2016,assuming that as of December 31, 2016, assets were $880,000,liabilities were $220,000, and no additional common stock wasissued or dividends paid.
$
