Please provide the answer to this general accounting question with proper steps. The balance sheet of Lancer Corp reports the following:Assets $8,200Contributed Capital = $4,500Retained Earnings = $1,000What are total liabilities?a. $2,700b. $3,700c. $4,700d. $5,200e. None of the above

To find total liabilities, use the basic accounting equation:Assets = Liabilities +…

Answered: The balance sheet of Lancer Corp…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3MC: The following is selected financial data from Block Industries: How much does Block Industries have...

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The balance sheet of Lancer Corp reports the following: Assets $8,200 Contributed Capital = $4,500 Retained Earnings = $1,000 What are total liabilities? a. $2,700 b. $3,700 c. $4,700 d. $5,200 e. None of the above