BE 167 Use the accounting equation to answer the following questions. 1.Force 10 Sails Co. has total assets of $120,000 and total liabilities of $55,000. What is stockholders' equity? 2.Marcy...

BE 167

Use the accounting equation to answer the following questions.

1.Force 10 Sails Co. has total assets of $120,000 and total liabilities of $55,000. What is stockholders' equity?

2.Marcy Fun Center has total assets of $225,000 and stockholders' equity of $105,000. What are total liabilities?

3.Franco’s Restaurant has total liabilities of $40,000 and stockholders' equity of $75,000. What are total assets?

BE 168

Determine the missing items.

Assets = Liabilities + Stockholders' Equity

$75,000$52,000(a)

(b)$28,000$34,000

$84,000(c)$55,000

BE 169

Classify each of these items as an asset (A), liability (L), or stockholders' equity (SE).

_____1.Accounts receivable

_____2.Accounts payable

_____3.Common stock

_____4.Office supplies

BE 169
(cont.)

_____5.Utilities expense

_____6.Cash

_____7.Note payable

_____8.Equipment