The Baldwin company currently has the following balances on their balance sheet: Assets $180,090 Common Stock...
The Baldwin company currently has the following balances on their balance sheet: Assets $180,090 Common Stock $12,907 Retained earnings $92,633 Suppose next year the Baldwin Company generates $20,000 in net profit, pays $10,000 in dividends, assets change to $151,000, and common stock remains unchanged. What must their total liabilities be next year?
Homework Answers
Next year retained earnings = 92,633 + net income - dividends
= 92,633 + 20,000 - 10,000
= 102,633
Total assets = Total Liabilities + Stockholder's Equity
151,000 = Total Liabilities + 12,907+102,633
Total Liabilities = 35,460
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