Each of the following requirements is independent of the others. a) Viking Corpo

Question

Each of the following requirements is independent of the others.

a) Viking Corporation has liabilities of $85,000 and equity of $115,000. What is the amount of Viking's assets? _________________________________________________
b) Garibaldi Company has assets of $310,000 and liabilities of $95,000. What is the amount of Garibaldi's equity? ______________________________________________________
c) King Company has assets of $70,000 and liabilities of $25,000. What is the amount of King's claims? _____________________________________________________________

Explanation / Answer

A) Total assets = Total liabilities

= 85000+115000 i.e 200000

B) Total Assets = Total Equity + Total Liabilities

Total EQuity = Total Assets - Total liabilities

= 310000-95000 i.e 215000

C) Amount of kings claims = 70000-25000 i.e 45000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.