The following financial information is from Morgan Lab Supplied adjusted trial balance: Accounts payable $15,000 Accounts receivable...............................10,500
Question:
The following financial information is from Morgan Lab Supplied adjusted trial balance:
Accounts payable $15,000
Accounts receivable...............................10,500
Cash...............................9,500
Common Stock...............................12,000
Cost of goods sold...............................47,500
Property, plant, and equipment...............................70,000
Inventory...............................40,000
Notes payable (due in 6 months)...............................43,000
Operating expenses...............................35,000
Retained earnings...............................5,000
Sales revenue...............................137,500
What amount should Morgan report as stockholder's Equity for the current year?
a) $72,000
b) $130,000
c) $17,000
d) $12,000
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso