Question

Midyear on July 31st, the Digby Corporation's balance sheet reported: Total Liabilities of $102.335 million Cash of $8.040 million Total Assets of $165.097 million Retained Earnings of $35.132 million. What was the Digby Corporation's common stock

Answer 1

$27.63 million

Step-by-step explanation:

Total equity = Common stock + Retained earnings

Common stock = Total equity - Retained earnings

Common stock = (Total assets - Total liabilities) - Retained earnings

Common stock = ($165.097 million - $102.335 million) - $35.132 million

Common stock = $62.762 million - $35.132 million

Common stock = $27.63 million