Brief Exercise 1-4
Use the accounting equation to answer each of the following questions
(a) The liabilities of Olga Company are $87,060 Common stock account is $145,800; dividends are $91,610; revenues, $443,250; and expenses, $316,360 What is the amount of Olga Company’s total assets?
Olga Company’s total assets$ _______________________________________
(b) The total assets of Lafayette Company are $66,030 Common stock account is $22,480; dividends are $8,980; revenues, $43,960; and expenses, $39,080 What is the amount of the company’s total liabilities?
Company’s total liabilities$ __________________________________________
(c) The total assets of Dierdorf Co are $780,000 and its liabilities are equal to two-thirds of its total assets What is the amount of Dierdorf Co‘s stockholders’ equity?
Dierdorf Co‘s stockholders’ equity?$ ___________________________________