Midyear on July 31st, the Chester Corporation\'s balance sheet reported: Total A

Question

Midyear on July 31st, the Chester Corporation's balance sheet reported:

Total Assets of $125.088 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.282 million.

What were the Chester Corporation's total liabilities? Select: 1 $97.806 million. $100.026 million. $93.996 million. $87.966 million. Midyear on July 31st, the Chester Corporation's balance sheet reported:

Total Assets of $125.088 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.282 million.

What were the Chester Corporation's total liabilities? Select: 1 $97.806 million. $100.026 million. $93.996 million. $87.966 million.

Explanation / Answer

C. $93.996 million

Total Liabilities = Total Assets – (Retained Earnings + Total Common Stock)

= $125.088 million – ($27.282 million + $3.810 million)

= $93.996 million

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