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

Answer rating: 100% (QA)

a 72000 Assets Liabilities Stockholders equity Asset Accounts Accounts Rece... View the full answer