The owners' equity of Janet Management Corp. is $300,000 at December 31, 2002, and is equal to three-fourths of total liabilities. What is the amount of total assets?
A: $700,000.
B: $400,000.
C: $1,000,000.
D: $420,000.
A: $700,000.
B: $400,000.
C: $1,000,000.
D: $420,000.
举一反三
- If the liabilities owed by a business total $300,000 and owners equity is equal to $300,000, then the assets also total $300,000.（)
- The liabilities of Emerald Co. equal one-third of the total assets, and owner’s equity is $120,000. What is the amount of the liabilities?
- The assets of a company total $700,000; the liabilities, $200,000. What are the claims of the owners? A: $900,000. B: $700,000. C: $500,000. D: $200,000. E: It is impossible to determine unless the amount of this owners' investment is known.
- R company sold old equipment for $25 000. The equipment had a cost of $50 000 and accumulated depreciation of $30 000. The entry to record the sale of the equipment would include a ( ). A: loss on disposal of $25 000 B: gain on disposal of $25 000 C: loss on disposal of $5 000 D: gain on disposal of $5 000
- Oliver Ltd purchased a piece of equipment for $20 000. It paid GST of $2000, shipping charges of $500, and insurance during transit of $200. Installation and testing of the new equipment cost $1000. The total to be debited to the Equipment account is: A: $22 000 B: $22 700 C: $23 000 D: $23 700