Question

Required information The year-end financial statements of Grunewald Company contained the following elements and correspondinA) 10,320

B) 770

C) 11,100

D) 8,750

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Answer #1

Correct answer------------(C) $11,100

Working

Assets = Liabilities+ Equity

So liabilities = Assets - Equity

Assets $   22,150.00
Equity $   11,050.00
Liabilities = (22150-11050) $   11,100.00

.

Common stock $      5,000.00
Ending retained earnings $      6,050.00
Total Equity $   11,050.00
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