Question

Midyear on July 31st, Baldwin's balance sheet reported the following: Total Assets of $135.514 million Total...

Midyear on July 31st, Baldwin's balance sheet reported the following: Total Assets of $135.514 million Total Common Stock of $23.757 million Cash of $36.478 million Retained Earnings of $42.935 million What were Baldwin's total liabilities? Group of answer choices $68.822 Million $67.175 Million $105.309 Million $32.335 Million

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Answer #1
Answer:
Owner's Equity = Total Assets (-)Total Liabilities
Total Liabilities =   Total Assets (-) Owner's Equity
                                  = $ 135.514 million (-) ( $ 23.757 + $ 42.935 )million
                                  = $ 135.514 million (-) $ 66.692 million
Total Liabilities = $ 68.822 Million
Total Liabilities = $ 68.822 Million
Option (a) is Correct
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