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
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Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
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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
 
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