Computation of Assets, Liabilities, and Equity After a Series of Transactions

question 119

Essay

Computation of assets, liabilities, and equity after a series of transactions
The December 31, 2009, balance sheet of Charles Realty reported total assets of $900,000, total liabilities of $350,000, and equity of $550,000. The following transactions occurred in January of 2010:
(1) The business purchased land for $250,000, paying $100,000 cash and issuing a note payable for the balance.
(2) The business collected accounts receivable totaling $45,000.
(3) The business sold one-fifth of the land (which had cost $50,000) land costing $50,000 for $60,000 cash.
(4) The business paid off $50,000 of the note payable.
Compute the following at January 31, 2010:
(A.) Total assets$__________
(B.) Total liabilities$__________
(C.) Equity$__________

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Definitions:

Accompanying Figure

An accompanying figure typically refers to a visual representation such as a chart, diagram, or illustration that supports and explains textual content.

Fields

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Class Components

The specific attributes and methods that collectively define what an object of a class can do and what information it holds.

Instance Methods

Functions defined within a class that operate on instances of that class, using the data contained in those instances.