At December 31, 2014, the accounting records of Braun Corporation contain the fo

Question

At December 31, 2014, the accounting records of Braun Corporation contain the following items:

2.

Required information

$87,500.

$95,500.

$44,500.

$636,500.

3.

Required information

$696,500.

$939,500.

$739,500.

$110,500.

4.

Required information

$264,500.

$307,500.

$633,500.

$171,000.

5.

Required information

$163,000.

$373,500.

$621,000.

$410,500.

6.

Required information

$618,000.

$824,000.

$678,500.

$661,000.

  Accounts Payable $ 17,500   Accounts Receivable $ 43,000   Land $ 243,000   Cash ?   Capital Stock ?   Equipment $ 123,000   Building $ 183,000   Notes Payable $ 193,000   Retained Earnings $ 163,000

Explanation / Answer

Solution.

2.

Answer :- $44,500.

3.

If Capital Stock is $323,000, total assets of Braun Corporation at December 31, 2014, amount to 696,500.

Because :- Libilities + Equity = Asset

So, Libilities + Equity = 696,500 = Asset

Therefore,

Asset = 696,500

4.

Capital Stocjk = 307,500

5.

Total owners' equity is:

Total                                   = $410,500

6.

Asset Amount Libilities Amount Accounts Receivable            43,000 Notes Payable        193,000 Land         243,000 Accounts Payable           17,500 Building         183,000 Capital Stock        263,000 Cash            44,500 Retained Earnings        163,000 Equipment         123,000 Total Asset         636,500 Total Libilities        636,500

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