On January 1, 2010, Lio Corporation Has Assets Equal to Four

Essay

On January 1, 2010, Lio Corporation has assets equal to four times the amount of its liabilities. Total liabilities on January 1, 2010, are $1,000,000. During January 2010, Lio Corporation engaged in the following five transactions:
January 5 Purchased equipment for $100,000 on credit.
January 7 Purchased inventory for $63,000 cash.
January 14 Made a $25,000 partial payment for equipment purchased on January 5.
January 28 Purchased office supplies for $2,000 cash.
January 31 Sold common stock for $100,000 cash.
Required:
A) Determine Lio Corporation's total assets and total stockholders' equity on January 1, 2010.
B) Determine Lio Corporation's total assets, liabilities, and stockholder's equity on January 31, 2010.