Question

A company’s financial records at the end of the year including the following amounts: Cash $ 71,100 Accounts receivable 29,100 Supplies 5,100 Accounts payable 11,100 Notes payable 5,550 Retained earnings, beginning of year 18,100 Common stock 51,000 Service revenue 45,850 Wages expense 9,100 Advertising expense 6,100 Rent expense 11,100 What is the amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year?

Answer 1

The amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year is $105,300

Step-by-step explanation:

In order to calculate the amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year we would have to use the following formula:

Total assets is equal to=Cash+AR+Supplies

Therefore, total stockholders' equity=($71,100+$29,100+$5,100)

total stockholders' equity=$105,300

The amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year is $105,300