Midyear on July 31st, the Chester Corporation\'s balance sheet reported: Total L
ID: 1130857 • Letter: M
Question
Midyear on July 31st, the Chester Corporation's balance sheet reported:Total Liabilities of $77.212 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.976 million.
What were the Chester Corporation's total assets? Select: 1 $55.266 million $51.456 million $108.998 million $102.968 million Midyear on July 31st, the Chester Corporation's balance sheet reported:
Total Liabilities of $77.212 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.976 million.
What were the Chester Corporation's total assets? Select: 1 $55.266 million $51.456 million $108.998 million $102.968 million
Explanation / Answer
Total Assets = Liabilities + Equity (Common stock + Retained Earnings)
= $77.212 + $3.810 +$27.976
= $108.998