3 years ago

The following are several of the accounts from a recent balance sheet.

Business

1 answer:

Burka [1]3 years ago

6 0

Answer:

Account Name Balance Sheet Classification DR or CR Balance

1. Accounts Receivable CA Debit

2. Prepaid Expense CA Debit

3. Inventories CA Debit

4. Long-Term Debt NCL Credit

5. Cash and Cash Equivalent CA Debit

6. Accounts Payable CL Credit

7. Income Tax Payable CL Credit

8. Contributed Capital SE Credit

9. Property Plant and Equipment NCA Debit

10. Retained Earning SE Credit

11. Short-Term Borrowing CL Credit

12. Accrued Liabilities CL Credit

13. Goodwill (an Intangible Asset) NCA Debit

Explanation:

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Answer:

$252,900

Explanation:

Stockholders' equity refers to the net assets of a business. In other words, the value of the assets after deducting all liabilities. It is calculated by subtracting total liabilities from total assets.

For Casello,

Total assets = current assets plus fixed assets .

i.e., 437,200+$552,800= $990,000

Total liabilities = current liabilities plus long-term debt

i.e., $318,500 + $418,600= $737,100

Stockholder equity = $990,000 - $737,100

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