Midyear on July 31st, the Baldwin Corporation\'s balance sheet reported: Total A
ID: 451939 • Letter: M
Question
Midyear on July 31st, the Baldwin Corporation's balance sheet reported:Total Assets of $250.677 million
Total Common Stock of $7.620 million
Cash of $12.060 million
Retained Earnings of $55.127 million.
What were the Baldwin Corporation's total liabilities? Select: 1 $199.990 million. $175.870 million. $195.550 million. $187.930 million. Midyear on July 31st, the Baldwin Corporation's balance sheet reported:
Total Assets of $250.677 million
Total Common Stock of $7.620 million
Cash of $12.060 million
Retained Earnings of $55.127 million.
What were the Baldwin Corporation's total liabilities? Select: 1 $199.990 million. $175.870 million. $195.550 million. $187.930 million.
Explanation / Answer
Given
Total Assets = $250.677 million
Total Common Stock = $7.620 million
Cash = $12.060 million
Retained Earnings =$55.127 million.
Total Assets = Total Liabilities + Total Stockholders' Equity
Total Assets = Total Liabilities + (Retained Earnings + Total Common Stock)
Total Liabilities = Total Assets – (Retained Earnings + Total Common Stock)
Total Liabilities = $250.677 - ( $55.127 + $7.620)
= $250.677 - 62.747
= $187.93 million