HW_1_Answers - (10-15 min .) E 1-16 Req. 1 (Amounts in...

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Unformatted text preview: (10-15 min .) E 1-16 Req. 1 (Amounts in millions) Assets = Liabilities + Stockholders Equity $147 $154 206 148 58 Total $411 = $302 + $109 Req. 2 Resources to work with Req. 3 Amount owed to creditor s Req. 4 Actually owned by company stockholders (10-20 min.) E 1-17 Situation 1 2 3 Millions Total stockholders equity, January 31, 2008 ($30 $10) . $20 $20 $20 Add: Issuances of stock.. 1-0- 11 Net income. 7* 10* Less: Dividends...-0- (2) (1) Net loss.. (2)* Total stockholders equity, January 31, 2009 ($40 $12) . $28 $28 $28 _____ *Must solve for these amounts. (10-20 min.) E 1-20 Maxwell Banking Company Balance Sheet ( Amounts in millions ) December 31, 2008 ASSETS LIABILITIES Cash $ 28 Current liabilities $290 Receivables 253 Long-term liabilities 73 Investment assets 72 Total liabilities 363 Property and equipment, net 4 STOCKHOLDERS EQUITY Other assets 43 Common stock 12 Retained earnings 25 * Total stockholders equity 37 Total liabilities and Total assets $400 stockholders equity $400 _____...
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This note was uploaded on 04/03/2012 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.

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HW_1_Answers - (10-15 min .) E 1-16 Req. 1 (Amounts in...

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