Use the Accounting Equation to Answer the Following Questions

question 241

Essay

Use the accounting equation to answer the following questions.
1. Picaresque Sails Co. has total assets of $140,000 and total liabilities of $45,000. What is stockholders' equity?
2. The Natenal Fun Center has total assets of $225,000 and stockholders' equity of $100,000. What are total liabilities?
3. Okkervil River Restaurant has total liabilities of $50,000 and stockholders' equity of $100,000. What are total assets?

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Definitions:

Bilingual Advantage

The cognitive benefits experienced by individuals proficient in two languages, including better attention and task-switching capacities.

Inhibit

To restrain or hinder an action or process.

Intelligence Test

A standardized test designed to measure a person's intellectual capabilities or intelligence quotient (IQ).

Linguistic Determinism

The theory that language determines thought, and that linguistic categories limit and determine cognitive categories.