The following problems are assigned as homework.
You will notice that the correct
answer is highlighted; however, you must show the work to arrive at the answer.
54. Highland, Inc. has total assets of $16,200, net working capital of $3,900, owner's
equity of $8,500, and long-term debt of $6,000. What is the value of the current assets?
60. Joe's Store has net working capital of $1,800, total assets of $12,600, and net fixed
assets of $9,700. What is the value of the current liabilities?
66. The owners' equity in Jack's Taylor Shop was $31,300 at the beginning of the year.
During the year, the company had after tax income of $4,900, of which $1,600 was paid
in dividends. Also during the year, the company repurchased $2,000 of stock from one of
the shareholders. What is the value of the owners' equity at year end?