143.Determine the missing amount “X” for each of the following:
AssetsLiabilitiesStockholders' Equity
(a)$78,500$37,600X
(b)X$53,280$145,000
(c)$49,500X$34,000
144.Use the accounting equation to answer each of the independent questions below.
(a)At the beginning of the year, Norton Company's assets were $75,000 and its stockholders' equity was $38,000.During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the stockholders' equityat the end of the year?
(b)At the beginning of the year, Turpin Industries had liabilities of $44,000 and stockholders' equity of $66,000. Ifassets increased by $10,000 and liabilities decreased by $5,000, what was the stockholders' equity at the end of theyear?
145.On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $27,000;Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount ofstockholders' equity as of July 1 of the current year?
146.At the end of its accounting period, December 31, of Year 1, Hsu’s Financial Services has assets of $575,000 andstockholders' equity of $335,000. Using the accounting equation and considering each case independently,determine the following amounts.
(a)Hsu’s liabilities as of December 31, of Year 1.
(b)Hsu’s liabilities as of December 31, of Year 2, assuming that assets increased by $56,000 andshareholders' equity decreased by $32,000.
(c) Net income or net loss during Year 2, assuming that as of December 31, Year 2, assets were $592,000,liabilities were $450,000, and there were no additional investments or dividends.
147.Indicate whether each of the following accounts represents an asset, liability, or stockholders' equity:
(a)Accounts Payable
(b)Wages Expense
(c)Common Stock
(d)Accounts Receivable
(e)Dividends
(f)Land