Question

Balance Sheet Jack and Jill Corporation's year-end 2009 balance sheet lists current assets of $245,000, fixed assets of $795,000, current liabilities of $191,000, and long-term debt of $295,000. What is Jack and Jill's total stockholders' equity

Answer 1

Answer:

$554,000

Explanation:

Accounting Equation is;

Total Assets=Total liabilities+ Total Stockholders' Equity

$245,000+$795,000=$191,000+$295,000+ Total Stockholders' equity

Total Stockholders' equity =$245,000+$795,000-$191,000-$295,000

Total Stockholders' equity=$554,000