Midyear on July 31st, the Chester Corporation\'s balance sheet reported: Total L
ID: 2547158 • Letter: M
Question
Midyear on July 31st, the Chester Corporation's balance sheet reported:Total Liabilities of $128.470 million
Cash of $10.050 million
Total Assets of $208.797 million
Total Common Stock of $6.350 million.
What were the Chester Corporation's retained earnings? Select: 1 $96.727 million $73.977 million $86.677 million $84.027 million Midyear on July 31st, the Chester Corporation's balance sheet reported:
Total Liabilities of $128.470 million
Cash of $10.050 million
Total Assets of $208.797 million
Total Common Stock of $6.350 million.
What were the Chester Corporation's retained earnings? Select: 1 $96.727 million $73.977 million $86.677 million $84.027 million
Explanation / Answer
Total assets=Total liabilities+Total equity
$208.797 million= $128.470 million+( $6.350 million+ retained earnings)
retained earnings=$208.797 million- $128.470 million-$6.350 million
=$73.977 million