Question

Use the following information for Meeker Corporation to determine the amount of equity to report. Cash $ 84,000 Buildings 132,500 Land 224,200 Liabilities 139,000 Multiple Choice $579,700. $314,700. $440,700. $36,700. $301,700.

Answer 1

To determine the amount of equity to report for Meeker Corporation, we need to calculate the total assets and subtract the total liabilities. The equity for Meeker Corporation is $301,700. The correct option is D.

Step-by-step explanation:

To determine the amount of equity to report for Meeker Corporation, we need to calculate the total assets and subtract the total liabilities. From the given information, the total assets are:

1. 
   
3. Cash: $84,000
4. 
   
6. Buildings: $132,500
7. 
   
9. Land: $224,200

The total liabilities are $139,000. To calculate the equity, we subtract the liabilities from the total assets:

Total assets = $84,000 + $132,500 + $224,200 = $440,700

Total liabilities = $139,000

Equity = Total assets - Total liabilities = $440,700 - $139,000 = $301,700