Question

Midyear on July 31st, the Chester Corporation's balance sheet reported:______. Total Liabilities of $51.391 million Total Common Stock of $2.540 million Cash of $4.020 million Retained Earnings of $18.275 million. What were the Chester Corporation's total assets?

Answer 1

Answer:

$72.206 million

Explanation:

To get Chester Corporation's total assets, recall that;

Total liabilities = Total assets - (Retained earning + Total common stock)

Given that;

Total assets = ?

Retained earning = $18.275 million

Total liabilities = $51.391 million

Total common stock = $2.540 million

Total liabilities = Total assets - (Retained earning + Total common stock)

$51.391 = Total assets - ($18.275 + $2.540)

$51.391 = Total assets - $20.815

Total assets = $51.391 + $20.815

Total assets = $72.206

Therefore, Chester Corporation's total asset is $72.206 million.