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If liabilities have a balance of $10,000 and stockholders' equity has a balance of $60,000, then assets must have a balance of: a
If liabilities have a balance of $10,000 and stockholders' equity has a balance of $60,000, then assets must have a balance of:
a. $50,000.
b. $60,000.
c. $70,000.
d. $10,000.
Expert Solution
Answer: c. $70,000.
Explanation:
Assets are the sum of liabilities and stockholders' equity, computed as follows:
| Liabilities | $10,000 |
| Add: Stockholders' equity | $60,000 |
| Assets | $70,000 |
|---|
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