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A business has the following balances: • Common stock: $7,000 • Paid-in surplus: $10,000 • Total liabilities: $12,000 • Current assets: $9,500 • Fixed assets: $18,000 What is the amount of shareholders' equity? a. $25,500 b. $30,000 c. $15,500 d. $21,000

A business has the following balances: • Common stock: $7,000 • Paid-in surplus: $10,000 • Total liabilities: $12,000 • Current assets: $9,500 • Fixed assets: $18,000 What is the amount of shareholders' equity? a. $25,500 b. $30,000 c. $15,500 d. $21,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...
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A business has the following balances: • Common stock: $7,000 • Paid-in surplus: $10,000 • Total liabilities: $12,000 • Current assets: $9,500 • Fixed assets: $18,000 What is the amount of shareholders' equity? a. $25,500 b. $30,000 c. $15,500 d. $21,000
Transcribed Image Text:A business has the following balances: • Common stock: $7,000 • Paid-in surplus: $10,000 • Total liabilities: $12,000 • Current assets: $9,500 • Fixed assets: $18,000 What is the amount of shareholders' equity? a. $25,500 b. $30,000 c. $15,500 d. $21,000
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