Given the following data for XYZ company for the year end 12-31-20x1 Current ass
ID: 2595610 • Letter: G
Question
Given the following data for XYZ company for the year end 12-31-20x1
Current assets
$20,000
Long term assets
$150,000
Current liabilities
$50,000
Long term liabilities
$70,000
Find total equity
A$50,000
B$100,000
C$150,000
D $200,000
ABC Company estimates the following data for the coming month
Total variable costs
$40,000.00
Income tax rate
40%
Contribution margin percentage
30%
Estimated net income
$6,000.00
Find the estimated operating income for the coming month.
Between 0 and $9,999.00
Between $9,999.00 and $19,999.00
Between $20,001.00 and $30,000.00
Between $30,000 and 40,001.00
Given the following data for XYZ company for the year end 12-31-20x1
Current assets
$20,000
Long term assets
$150,000
Current liabilities
$50,000
Long term liabilities
$70,000
Find total equity
Explanation / Answer
Calculate total equity :
Total equity = Total assets-Total Liabilities
= (20000+150000)-(50000+70000)
Total equity = 50000
so answer is a) $50000
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