At the beginning of the year, Peters Corporation's assets were $150,000 and its stockholders' equity was $100,000 . During the year, assets decreased $30,000 and liabilities increased $15,000 . What was the stockholders' equity at the end of the year?
$55,000 [($150,000 – $30,000) – ($50,000 + $15,000)]
You might also like to view...
A manufacturer with a product in the decline stage of the product life cycle would most likely decide to ________ if there is reason to believe that there will be a residual demand for the product
A) maintain the product without change B) let existing stocks of the product run out C) drop the product immediately D) search for replacements E) increase sales promotion efforts
Asset turnover equals
a. income divided by average assets. b. sales divided by assets. c. sales divided by average assets. d. assets divided by sales.
Discuss why units are lost during production
If 100 shares of treasury stock were purchased for $50 per share and then sold at $60 per share, $1,000 of income is reported in the income statement
Indicate whether the statement is true or false