Reference no: EM132875689
Question - Came across such a question in a tutorial sheet, it reads as follows
The following items were taken from the balance sheet of Look Left Enterprise.
1. Cash K2, 291.1 7
2. Inventories K2, 357.0
3. Accounts receivable K2, 883.9
4. Income taxes payable K86.3
5. Common stock K2,874.2
6. Property, plant, and equipment K1, 957.7
7. Notes payable K342.9
8. Retained earnings K5, 818.9
9. Other assets K3,759.9
10. Accounts payable K2,815.8
11. Other liabilities K1,311.5
REQUIRED - Perform each of the following:
A. Classify each of these items as an asset, liability, or stockholders' equity and determine the total dollar amount for each classification. (All dollars are in millions.)
B. Determine Look Left's accounting equation by calculating the value of total assets, total liabilities, and total stockholders' equity.
C. To what extent does Look Left rely on debt versus equity financing?