I want to correct answer general accounting question Johnson Corporation has liabilities of $124,500. The common stockaccount shows a balance of $175,000, dividends declared were$58,300, revenues for the period were $382,700, and expensestotaled $295,400. What is the amount of Johnson Corporation'stotal assets?

Step 1:First calculate the retained earnings: Retained earnings = Net income - Dividend declared…

Answered: Johnson Corporation has liabilities 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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Johnson Corporation has liabilities of $124,500. The common stock account shows a balance of $175,000, dividends declared were $58,300, revenues for the period were $382,700, and expenses totaled $295,400. What is the amount of Johnson Corporation's total assets?