Starts Has a 60% Joint Operation Interest in Fish A)$550
B)$470
C)$350
D)$200

question 25

Multiple Choice

Starts has a 60% joint operation interest in Fish. Based on the following information, what amount will be presented for current liabilities on Starts' proportionately consolidated balance sheet? $$\begin{array} { | l | r | r | } \hline & \text { Starts } & \text { Fish } \\\hline \text { Current assets } & \$ 500 & \$ 550 \\\hline \text { Long-term assets } & 300 & 50 \\\hline \text { Investment in investee } & 200 & 0 \\\hline \text { Current liabilities } & 350 & 200 \\\hline \text { Long-term liabilities } & 450 & 300 \\\hline \text { Equity } & 200 & 100 \\\hline\end{array}$$

• A)$550
• B)$470
• C)$350
• D)$200

Grasp the components and calculation of stockholders' equity, including common stock transactions and retained earnings.

Comprehend the relationship between a company's assets, liabilities, and stockholders' equity.

Understand the accounting treatment and reporting of various types of investments, including held-to-maturity securities, trading securities, and equity investments.

Identify the effects of purchase, sale, and holding of investments on financial statements.

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