Question

:The balance sheet for Glenwood Corporation at December 31, 2011, showed the following subtotals: Current Assets $140,000 Current Liabilities 80,000 Property & Equipment 420,000 Total Stockholders' Equity 420,000 Retained Earnings 120,000 Total Liabilities 210,000 Other long-term assets 70,000 Based on this data, give the amounts for A. Total Assets B. Long-term liabilities C. Contributed capital D. Total liabilities and stockholders' equity

Answer 1

Total assets : 140000+420000+70000
long-term liabilities : 210000-80000
contributed capital : 420000+120000
total liabilities and equity : 420000+120000+210000

Answer 2

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