Question

Midyear on July 31st, the Andrews Corporation's balance sheet reported: Total Liabilities of $58.711 million Total...

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

Total Liabilities of $58.711 million
Total Common Stock of $2.540 million
Cash of $4.020 million
Retained Earnings of $8.462 million.

What were the Andrews Corporation's total assets?

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Homework Answers

Answer #1

Solution:

We know that

Total Assets = Total of Equity + Total of liabilities

As per the information given in the question we have

Total Liabilities = $ 58.711 million
Total Common Stock = $ 2.540 million
Retained Earnings = $ 8.462 million.

We know that Total of equity = Total Common Stock + Retained Earnings

Thus Total Equity = $ 2.540 Million + 8.462 Million = $ 11.002 Million

Applying the above values in the formula we have

Total assets = $ 11.002 Million + $ 58.711 Million

= $ 69.713 Million

Thus the Andrews Corporation's total assets = $ 69.713 Million

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