Assets totaled $24,450 and liabilities totaled $8,520 at the beginning of the year. During the year, assets decreased by $3,520 and liabilities increased by $2,820. What is the amount of stockholders’ equity at the end of the year? Multiple Choice $9,590 $14,590 $15,930 $15,230

Assets totaled $24,450 and liabilities totaled $8,520 at the beginning of the year. During the year, assets decreased by $3,520 and liabilities increased by $2,820. What is the amount of stockholders’ equity at the end of the year? Multiple Choice $9,590 $14,590 $15,930 $15,230

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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Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Assets totaled $24,450 and liabilities totaled $8,520 at the beginning of the year. During the year, assets decreased by $3,520 and liabilities increased by $2,820.

What is the amount of stockholders’ equity at the end of the year?

Multiple Choice

$9,590
$14,590
$15,930
$15,230

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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