The following table contains financial information for Trumpeter Inc. before closing entries:
Cash $ 12,000
Supplies 4,500
Prepaid Rent 2,000
Salaries Expense 4,500
Equipment 65,000
Service Revenue 30,000
Miscellaneous Expense 20,000
Dividends 3,000
Accounts Payable 5,000
Common Stock 68,000
Retained Earnings 8,000
What is the amount of Trumpeter's total stockholders' equity?
A) $5,000.
B) $78,500.
C) $68,500.
D) $83,500.
Answer: B
The following table contains financial information for Trumpeter Inc. before closing entries:
Cash $ 12,000
Supplies 4,500
Prepaid Rent 2,000
Salaries Expense 4,500
Equipment 65,000
Service Revenue 30,000
Miscellaneous Expense 20,000
Dividends 3,000
Accounts Payable 5,000
Common Stock 68,000
Retained Earnings 8,000
What is the amount of Trumpeter's total liabilities?
A) $5,000.
B) $78,500.
C) $68,500.
D) $83,500.
Answer: A
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