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Use the fundamental accounting equation to answer the following problems.

a) The liabilities of Cummings Company are $90,000 and the stockholder's equity is $230,000. Find out the amount of Cummings Company's total assets?

b) The net assets of Haldeman Company are $170,000 and its stockholder's equity is $90,000. Find out the amount of its total liabilities?

c) The net assets of Dain Corporation are $800,000 and its liabilities are equivalent to one-fourth of its total assets. Find out the amount of Dain Co.'s stockholder's equity?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919076

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