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6. Thirty percent of the total assets of Shanahan Corporation have been financed through borrowing....

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6. Thirty percent of the total assets of Shanahan Corporation have been financed through borrowing. The total liabilities of the company are $600,000. What is the amount of owners equity? A) $ 180,000 B) $2,000,000 C) $1,400,000 D) $2,600,000 Solve: At December 31, 2018, the accounting records of Hercules Manufacturing, Inc. contain the following items: Accounts Payable $ 12,000 Accounts Receivable $ 30,000 Land $ 90,000 Cash S 7,000 Building 250,000 Equipments 7 Notes Payable $ 135,000 Capital Stock 188,000 Retained Earnings ? 1. If total assets of Hercules Manufacturing, Inc. are $556,000, Equipment is carried in Hercules Manufacturing accounting records at: A) 5377,000 B) $179,000 C) S150,000 D) S 90,000 2. If total assets of Hercules Manufacturing, Inc. are $556,000, Retained Earnings at December 31, 2018, must be: A) 5811.000. B) S180,000 S221,000 D) $335,000 I 3. If Retained Earnings at December 31, 2018, is $140,000, total assets amounts to A) $ 98,000 B) 5377,000 C) $475,000 D) $188,000 4. If Retained Earnings at December 31, 2018, is $100,000, Equipment is carried in Hercules Manufacturing, Inc. accounting records at

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