Answered: A corporation has $86,000 in total…

A corporation has $86,000 in total assets, $33,000 in total liabilities, and a $15,600 credit balance in retained earnings. What is the balance in the contributed capital account?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 7DQ

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Question

A corporation has $86,000 in total assets, $33,000 in total liabilities, and a $15,600 credit balance in retained earnings. What is the balance in the contributed capital account?

a) 37,400

b) 53,000

c) 68,600

d) 48,600

Definition Definition Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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