The following amounts are reported on the classified Balance Sheet of Summer Song, Corp. as of...
The following amounts are reported on the classified Balance Sheet of Summer Song, Corp. as of 12/31/2019 (Assume the firm has no Preferred Stock or Treasury Stock): Total Assets $ 405,900 Common Stock 3,500 Additional Paid-In Capital 82,500 Retained Earnings 56,400 What is the amount of Total Liabilities? a. $465,800. b. $263,500. c. $548,300. d. $405,900. e. $346,000.
Homework Answers
Total liabilities = Total assets - total stockholders equity
total assets = 405900
total stockholder equity = Common stock + additional paid in capital + retained earnings
= 3500 + 82500 + 56400
= 142400
Total liabilities = 405900 - 142400
= 263500
Correct choice B
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