176. Determine the missing amount “X” for each of the following:
Assets
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Liabilities
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Stockholders’ Equity
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a. $85,700
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$40,000
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X
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b. X
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$66,570
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$145,000
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c. $57,900
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X
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$34,000
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177. Use the accounting equation to answer each of the independent questions below:
a. At the beginning of the year, Norton Company assets were $75,000 and its stockholders’ equity was $38,000. During the year, assets increased by $18,000 and liabilities increased by $4,000. What was the stockholders’ equity at the end of the year?
b. At the beginning of the year, Turpin Industries had liabilities of $44,000 and stockholders’ equity of $66,000. If assets increased by $10,000 and liabilities decreased by $5,000, what was the stockholders’ equity at the end of the year?
178. Krammer Company has liabilities equal to one fourth of the total assets. Krammer’s stockholders’ equity is equal to $30,000. Using the accounting equation, what is the amount of liabilities for Krammer?
179. Bob Johnson is a stockholder with shares in Johnson’s Carpet Cleaning Service. Bob purchased a personal automobile for $10,000 cash plus he took out a loan for $20,000 in his name. Describe how this transaction is related to the business entity concept.
180. Shiny Kar Company had the following transactions. For each transaction, show the effect on the accounting equation by putting the amount and direction (plus, minus, or NC for no change) in each box of the table below.
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Assets
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Liabilities
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Stockholders’ Equity
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a. Shiny Kar declared and paid $500 in dividends to its stockholders.
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b. Shiny Kar Company sold 2 cars for a total of $55,000 on account.
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c. The cost of the cars sold in (b) above was $40,000.
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d. Shiny Kar received $35,000 payment for a car previously sold on account.
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e. Shiny Kar paid $450 for advertising.
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f. Shiny Kar purchased $150 of cleaning supplies on account.
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