Newberry Company's stockholders' equity equals one-fourth of the company's total assets. The company's liabilities are $309,000. What is the amount of the company's stockholders' equity?
Assets = Liabilities + Equity
A = 3/4 A + 1/4 A
3/4 A = $309,000
A = $309,000 ÷ 0.75 = $412,000
Equity = $412,000 - $309,000 = $103,000
You might also like to view...
Ruth is tired of performing the same task over and over again. She decided to spend some time trying to find a work-around to her boring problem by creating a macro or automated function using Keyboard Maestro. This will get the job done for her quickly and help her creative juices to flow. This is an example of which component of creativity?
a. Incentive b. Creative thinking skills c. Motivation d. Expertise
Ouchi's ________ combines Japanese and U.S. assumptions and approaches to leadership.
A. authoritarian leadership theory B. transactional leadership theory C. Theory X D. Theory Z
Whether or not you itemize your tax deductions, you reap tax benefits due to the tax deductibility of the interest payments on your mortgage
Indicate whether this statement is true or false.
Leheny Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$85Fixed costs per year: Direct labor$1,155,000Fixed manufacturing overhead$3,190,000Fixed selling and administrative expenses$2,300,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 55,000 units and sold 50,000 units. The company's only product is sold for $238 per unit. The net operating income for the year under super-variable costing is:
A. $580,000 B. $1,400,000 C. $1,110,000 D. $1,005,000