Your answer is correct.Use the basic accounting equation to answer these questions.(a) The liabilities of Daley Company are $80,063 and the stockholders' equity is $205,645. What is theamount of Daley Company's total assets?(b) The total assets of Laven Company are $172,724 and its stockholders' equity is $93,034. What is theamount of its total liabilities?(c) The total assets of Peterman Co. are $678,400 and its liabilities are equal to one-fourth of its totalassets. What is the amount of Peterman Co.'s stockholders' equity?
(a) $ 285708 $ 80063 $ 205645(b) $ 172724 $ 79690 $ 93034(c) $ 678400 $ 169600 $ 508800
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Your answer is correct.On June 1 Beardsley Service Company was started with an investment of $27,024 cash. Here are theassets and liabilities of the company on June 30, and the revenues and expenses for the month of June, its first month of operations.Cash $5,424 Notes payable $13,638Accounts receivable 4,408 Accounts payable 908Revenue 7,814 Supplies expense 1,021Supplies 2,389 Gas & oil expense 620Advertising expense 400 Utilities expense 280Equipment 29,814 Wage expense 2,214In June, the company issued no additional common stock, but paid dividends of $2,814.Complete an income statement and a retained earnings statement for the month of June and abalance sheet at June 30, 2012.
(List expenses from largest to smallest amount, e.g. 10, 5, 2.List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2with notes payable first.)
BEARDSLEY SERVICE CO.
For the Month Ended June 30, 2012