At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilities of$260,000.

Required:

If, during the year, total assets decreased by $52,000 and total stockholders’ equity increased by$35,000, what is the amount of total liabilities at the end of the year?

At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of$300,000. During the year, total liabilities increased $100,000 and owner’s equity decreased$70,000. What is the value of total assets at the end of the year?

At the beginning of the year, Goren Company had total assets of $800,000 and total liabilities of$500,000. (Treat each item independently.)

(b) During the year, total liabilities increased $100,000 and stockholders’ equity decreased$70,000. What is the amount of total assets at the end of the year?

At the beginning of the year, Gilles Company had total assets of $800,000 and total liabilities of$300,000. If total assets increased $150,000 during the year and total liabilities decreased$60,000, what is the value of owner’s equity at the end of the year?

Valiant Corporation has $1,800,000 in total liabilities,$800,000 of which are current. Valiant has $400,000 of cash and cash equivalents,$300,000 of other current assets, and $2,000,000 in property, plant, and equipment.

Required:

Calculate Valiant’s debt to equity ratio.

Contrast the effects of a cash dividend and a stock dividend on total assets, total liabilities, and total stockholders' equity.

For each of the following, (I) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit or credit to identify the kind of entry that would increase the account balance.

i. Services Revenue

A company had the following assets and liabilities at the beginning and end of a recent year.

Determine the net income earned or net loss incurred by the business during the year for the case below:
 Owner made no investments in the business and no withdrawals were made during the year.

How is the retained earnings statement related to the balance sheet? How is the income statement related to the retained earnings statement?

For the most recent year, Grant Company reported revenues of $182,300, cost of goods sold of$108,800, inventory of $8,500, salaries expense of$48,600, rent expense of $12,000, and cash of$12,300. What was Grant’s net income?

a. $9,400

b.$12,900

c. $21,400

d.$24,900

At December 31, Marker reported the following items: cash, $7,500; inventory,$3,900; accounts payable, $5,900; accounts receivable,$3,100; common stock, $6,000; property, plant, and equipment,$10,500; interest payable, $1,600; retained earnings,$11,500.

Refer to the information for Marker above. What is the total of Marker’s current assets?

a. $12,100

b.$13,700

c. $14,500

d.$25,000

Brock Hahn is the owner and operator of Dream-It LLC, a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $\$ 780,000$ and liabilities of $\$ 150,000$. Using the accounting equation, determine the following amounts: a. Owner's equity as of December $31,2015$. b. Owner's equity as of December 31,2016, assuming that assets increased by $\$ 90,000$ and liabilities increased by $\$ 25,000$ during 2016.

Geek Squad performs services for a customer and bills the customer for $500. How would Geek Squad record this transaction?

a. Accounts receivable increase by$500; revenues increase by $500.

b. Cash increases by$500; revenues increase by $500.

c. Accounts receivable increase by$500; revenues decrease by $500.

d. Accounts receivable increase by$500; accounts payable increase by $500.

e. Accounts payable increase by$500; revenues increase by $500.

Brunswick borrows $\$50,000$ cash from Third National Bank. How does this transaction affect the accounting equation for Brunswick?

a. Assets increase by $\$50,000$; liabilities increase by $\$50,000$; no effect on equity.

b. Assets increase by $\$50,000$; no effect on liabilities; equity increases by $\$50,000$.

c. Assets increase by $\$50,000$; liabilities decrease by $\$50,000$; no effect on equity.

d. No effect on assets; liabilities increase by $\$50,000$; equity increases by $\$50,000$.

e. No effect on assets; liabilities increase by $\$50,000$; equity decreases by $\$50,000$.