Midyear on July 31st, the Chester Corporation's balance sheet reported: Total Assets of $82.572 million Total...
Midyear on July 31st, the Chester Corporation's balance sheet reported: Total Assets of $82.572 million Total Common Stock of $2.540 million Cash of $4.020 million Retained Earnings of $17.730 million. What were the Chester Corporation's total liabilities?
Select: 1
$58.282 million.
$64.842 million.
$62.302 million.
$66.322 million.
Homework Answers
Total equity=Common stock+Retained earnings
=(2.54+17.73)=$20.27 million
Total assets=Total liabilities+Total equity
Hence Total liabilities=82.572-20.27 million
=$62.302 million
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