Midyear on July 31st, the Baldwin Corporation\'s balance sheet reported: Total L
ID: 2402924 • Letter: M
Question
Midyear on July 31st, the Baldwin Corporation's balance sheet reported:Total Liabilities of $25.695 million
Cash of $2.010 million
Total Assets of $41.920 million
Total Common Stock of $1.270 million.
What were the Baldwin Corporation's retained earnings? Select: 1 $17.495 million $16.965 million $19.505 million $14.955 million Midyear on July 31st, the Baldwin Corporation's balance sheet reported:
Total Liabilities of $25.695 million
Cash of $2.010 million
Total Assets of $41.920 million
Total Common Stock of $1.270 million.
What were the Baldwin Corporation's retained earnings? Select: 1 $17.495 million $16.965 million $19.505 million $14.955 million
Explanation / Answer
The answer is "$14.955 million"
Retained earnings = (Total Assets - Total Liabilities) - Total common stock = (41.920 - 25.695) - 1.270 = $14.955