Chap 2 word problems

Chap 2 Word Problems
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Unformatted text preview: Chapter 2 Word Problems Name ___________________________ 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? a. $2,500 B . $5,600 c. $6,300 d. $9,900 e. $10,200 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? A . $1,100 b. $2,900 c. $4,700 d. $7,900 e. $10,800 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? ...
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