1. the basic accounting equation\nuse the basic accounting equation to complete the table below for each of…

1. the basic accounting equation\nuse the basic accounting equation to complete the table below for each of the following independent scenarios:\n1. gretchen inc. has the following: liabilities of $32,500, retained earnings of $84,300, and common stock of $63,200. find the value of their assets.\n2. douville co. has assets totaling $348,800 and its stockholders equity equals half of its total assets. what is the value of their liabilities?\n3. tj & sons llc recorded unearned revenue of $76,000, notes payable of $2,300, prepaid rent of $41,000, and inventory of $98,000. what is the value of their stockholders equity?\n4. b & k corp. owns equipment worth $27,700 and has $2,900 in accounts payable. find the value of their stockholders equity.\n\n| |assets|liabilities|stockholders equity|\n|----|----|----|----|\n|1| | | |\n|2| | | |\n|3| | | |\n|4| | | |

1. the basic accounting equation\nuse the basic accounting equation to complete the table below for each of the following independent scenarios:\n1. gretchen inc. has the following: liabilities of $32,500, retained earnings of $84,300, and common stock of $63,200. find the value of their assets.\n2. douville co. has assets totaling $348,800 and its stockholders equity equals half of its total assets. what is the value of their liabilities?\n3. tj & sons llc recorded unearned revenue of $76,000, notes payable of $2,300, prepaid rent of $41,000, and inventory of $98,000. what is the value of their stockholders equity?\n4. b & k corp. owns equipment worth $27,700 and has $2,900 in accounts payable. find the value of their stockholders equity.\n\n| |assets|liabilities|stockholders equity|\n|----|----|----|----|\n|1| | | |\n|2| | | |\n|3| | | |\n|4| | | |

Answer

Explanation:

Step1: Recall basic accounting equation

Assets = Liabilities + Stockholders' Equity, where Stockholders' Equity = Common Stock+Retained Earnings

Step2: Solve for scenario 1

Stockholders' Equity = $84300 + 63200=147500$. Liabilities = $32500$. Assets = $32500 + 147500 = 180000$

Step3: Solve for scenario 2

Stockholders' Equity = $\frac{348800}{2}=174400$. Using Assets = Liabilities+Stockholders' Equity, Liabilities = Assets - Stockholders' Equity = $348800 - 174400=174400$

Step4: Solve for scenario 3

Unearned revenue and notes payable are liabilities: Liabilities = $76000 + 2300=78300$. Prepaid rent and inventory are assets: Assets = $41000+98000 = 139000$. Using Assets = Liabilities+Stockholders' Equity, Stockholders' Equity=Assets - Liabilities=$139000 - 78300 = 60700$

Step5: Solve for scenario 4

Equipment is an asset ($27700$) and accounts payable is a liability ($2900$). Using Assets = Liabilities+Stockholders' Equity, Stockholders' Equity=Assets - Liabilities=$27700 - 2900=24800$

Answer:

Assets Liabilities Stockholders' Equity
$180000$ $32500$ $147500$
$348800$ $174400$ $174400$
$139000$ $78300$ $60700$
$27700$ $2900$ $24800$