70.2K

Verified Solution

Link Copied!

Requirement 1. Use these data to write Burn Foods' accounting equation. Now enter the amounts under the appropriate headings. (Round all answers to one decimal. Leave any unused cells blank.)

1. Fill in the blanks to complete the accounting equation.

=

+

Assume Burn Foods Inc. has current assets of $628.9 million, capital assets of $1,175.6 million, and other assets totalling $1,281.4 million. Current liabilities are $592.3 million and long-term liabilities total $1,240.6 million. Required 1. Use these data to write Burn Foods' accounting equation. 2. How much in resources does Burn Foods have to work with? 3. How much does Burn Foods owe creditors? 4. How much of the company's assets do the Burn Foods shareholders actually own? Requirement 1. Use these data to write Burn Foods' accounting equation. Now enter the amounts under the appropriate headings. (Round all answers to one decimal. Leave any unused cells blank.)

Current
Capital
Other
Total			=		+

Requirement 2. How much in resources does Burn Foods have to work with?

The amount of resources to work with is nothing

million.

Requirement 3. How much does Burn Foods owe creditors?

The amount owed to creditors is nothing

million.

Requirement 4. How much of the company's assets do the Burn Foods shareholders actually own?

The amount actually owned by the shareholders is nothing

million.

Answer & Explanation Solved by verified expert

See Answer