Midyear on July 31st, the Chester Corporation\'s balance sheet reported: Total A
ID: 2551093 • Letter: M
Question
Midyear on July 31st, the Chester Corporation's balance sheet reported:Total Assets of $125.088 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.282 million.
What were the Chester Corporation's total liabilities? Select: 1 $97.806 million. $100.026 million. $93.996 million. $87.966 million. Midyear on July 31st, the Chester Corporation's balance sheet reported:
Total Assets of $125.088 million
Total Common Stock of $3.810 million
Cash of $6.030 million
Retained Earnings of $27.282 million.
What were the Chester Corporation's total liabilities? Select: 1 $97.806 million. $100.026 million. $93.996 million. $87.966 million.
Explanation / Answer
C. $93.996 million
Total Liabilities = Total Assets – (Retained Earnings + Total Common Stock)
= $125.088 million – ($27.282 million + $3.810 million)
= $93.996 million