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Question - Jones Enterprises was started when it acquired $6,750 cash from creditors and $20,250 from owners. The company immediately purchased land that cost $22,000.
Required -
1. Record the events under an accounting equation.
2. After all events have been recorded, Jones's obligations to creditors represent what percent of total assets?
3. After all events have been recorded, Jones's stockholders' equity represents what percentage of total assets?
4. Assume the debt is due. Given that Jones has $20,250 in stockholders' equity, can the company repay the creditors at this point?
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