# Part 2

Content type
User Generated
Subject
Accounting
School
Capella University
Type
Homework
Rating
Showing Page:
1/1
SURNAME 1
PART 2: MISSING ACCOUNTING EQUATION DATA
BUS-FP3061 - Fundamentals of Accounting
Assessment 1, Part 2
1. The liabilities of the Smith Company are \$120,000 and the
owner's equity is \$232,000. What is the amount of Smith's total
assets?
Liabilities+ owner's equity
= Total assets =
\$120,000+232000
=\$352,000
2. The total assets of Jones Company are \$190,000 and its
owner's equity is \$91,000. What is the amount of its total
liabilities?
Liabilities = Total assets -
Owner's equity = 190000-
91000= \$99,000
3. The total assets of Greene Company are \$800,000 and its
liabilities are equal to one-half of its total assets. What is the
amount of Green’s owner's equity?
Owner's Equity = Total
assets - Liabilities =
800000-400000= \$400,000
4. Beginning the new year, Orange Company had total assets
of \$800,000 and total liabilities of \$300,000. If total assets
increased by \$150,000 during the year and total liabilities
decreased by \$80,000, what is the owner's equity total at the
end of the year?
Owner's equity = Total
assets - Liabilities =
800000+150000-(300000-
80000) = \$730,000
5. Beginning the new year, Orange Company had total assets
of \$800,000 and total liabilities of \$300,000. If during the year
Orange Company's total liabilities increased by \$100,000, and
owner's equity decreased by \$70,000, what is the company's
ending amount of total assets?
At the beginning of year
owner's equity = 800000-
300000 = \$500,000, at end
year Total assets =
400,000+430,000 =
\$830,000
6. Beginning the new year, Orange Company had total assets
of \$800,000 and total liabilities of \$300,000. If total assets
decreased by \$80,000 and owner's equity increased by
\$120,000 during the year, what is the company's year-end total
liabilities amount?
At the beginning of the
year owner's equity =
800000-300000 =\$500,000,
End year liabilities =
800000-80000-
500000+120000= \$100,000

Unformatted Attachment Preview
SURNAME 1 PART 2: MISSING ACCOUNTING EQUATION DATA BUS-FP3061 - Fundamentals of Accounting Assessment 1, Part 2 1. The liabilities of the Smith Company are \$120,000 and the owner's equity is \$232,000. What is the amount of Smith's total assets? 2. The total assets of Jones Company are \$190,000 and i ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

### Review

Anonymous
Very useful material for studying!

Studypool
4.7
Indeed
4.5
Sitejabber
4.4