Question

Midyear on july 31st, the chester corporation's balance sheet reported: total assets of $209.856 million total common stock of $6.350 million cash of $10.050 million retained earnings of $46.866 million. what were the chester corporation's total liabilities? select: 1save answer $146.590 million. $162.990 million. $166.690 million. $156.640 million

Answer 1

The Chester Corporation's Total Liabilities were $156.640 ($209,856 - ($46,866+$8,350)) million based on the basic accounting equation Asset = Equity + Liabilities. Cash did not include in the calculation because it has already consisted in the total asset amount. The Chester Corporation's total equity is the sum of its retained earnings and common stock.