Metcalf Inc. has the following account balances at year-end: Cash $9,000 Common stock 5,000 Accounts receivable 7,000 Accounts payable 2,000 Additional paid-in capital, common stock 4,000 Prepaid insurance 5,000 Unearned revenue 4,000 Retained earnings 6,000 What is the total balance reported for the stockholders' equity section on the company's balance sheet?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Metcalf Inc. has the following account balances at year-end:

Cash $9,000
Common stock 5,000
Accounts receivable 7,000
Accounts payable 2,000
Additional paid-in capital, common stock 4,000
Prepaid insurance 5,000
Unearned revenue 4,000
Retained earnings 6,000

What is the total balance reported for the stockholders' equity section on the company's balance sheet?

Group of answer choices
$42,000
$24,000
$38,000
$15,000
 
 
 

 

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