Need help with this question solution general accounting A corporation reports common stock of $12,000, additional paid-in capital of $18,500,total liabilities of $15,700, current assets of $13,400, and fixed assets of $42,800.What is the amount of shareholders' equity?a) $12,000b) $30,500c) $40,500d) $56,200

Step 1: Definition of Shareholders' EquityShareholders' equity represents the residual interest in a…

Answered: A corporation reports common stock of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A corporation reports common stock of $12,000, additional paid-in capital of $18,500, total liabilities of $15,700, current assets of $13,400, and fixed assets of $42,800. What is the amount of shareholders' equity? a) $12,000 b) $30,500 c) $40,500 d) $56,200