The balance sheet of Riverstone Productions at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $40,000 b. $20,000 c. $30,000 d. $50,000

The balance sheet of Riverstone Productions at December 31 showed assets of $50,000 and shareholders' equity of $30,000. What were the liabilities at December 31? a. $40,000 b. $20,000 c. $30,000 d. $50,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...

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Question

What were the liabilities at December 31 on these general accounting question?

The balance sheet of Riverstone Productions at December
31 showed assets of $50,000 and shareholders' equity of
$30,000. What were the liabilities at December 31?
a. $40,000
b. $20,000
c. $30,000
d. $50,000

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