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22 July, 20:34

Midyear on july 31st, the chester corporation's balance sheet reported: total assets of $82.891 million total common stock of $2.540 million cash of $4.020 million retained earnings of $17.857 million. what were the chester corporation's total liabilities?

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  1. 22 July, 21:34
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    Calculation of Chester Corporation's total liabilities:

    Total Liabilities can be calculated using the basic accosting equation:

    Liabilities = Assets - Equity

    Assets are given $82.891

    And Equity can be calculated as follows:

    Equity = Common Stock + retained earnings = 2.540+17.857 = $20.397

    Now we can calculate Total Liabilities can be using the basic accosting equation as follows:

    Liabilities = Assets - Equity

    = 82.891-20.397 = $62.494

    Chester Corporation's total liabilities are $62.494
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