Baker Company reported total assets at December 31 totaling $56,600. The following selected amounts were taken from Baker Company’s financial statements for its year ending December 31: Retained earnings $33,600 Sales $70,000 Accounts receivable 3,500 Common stock 15,000 Notes payable 8,000 Net income 17,500 How much is the company’s total shareholders’ equity at December 31? Group of answer choices $38,000 $48,600 $10,000 $55,500
Baker Company reported total assets at December 31 totaling $56,600. The following selected amounts were taken from Baker Company’s financial statements for its year ending December 31: Retained earnings $33,600 Sales $70,000 Accounts receivable 3,500 Common stock 15,000 Notes payable 8,000 Net income 17,500 How much is the company’s total shareholders’ equity at December 31? Group of answer choices $38,000 $48,600 $10,000 $55,500
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 2CE
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Question
Baker Company reported total assets at December 31 totaling $56,600. The following selected amounts were taken from Baker Company’s financial statements for its year ending December 31:
|
$33,600 |
Sales |
$70,000 |
|
3,500 |
Common stock |
15,000 |
Notes payable |
8,000 |
Net income |
17,500 |
How much is the company’s total shareholders’ equity at December 31?
Group of answer choices
$38,000
$48,600
$10,000
$55,500
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