Question

Midyear on july 31st, the chester corporation's balance sheet reported: total assets of $124.287 million total common stock of $3.810 million cash of $6.030 million retained earnings of $26.732 million. what were the chester corporation's total liabilitie

Answer 1

The total liabilities of the Chester corporations as on July 31st will be $99,775.

What are total liabilities?

The amount of payments which are yet to be made, but are accrued by the receiver. The total liabilities are the calculation of total assets less equities and capitals of such firm.

Using the given information in the formula below, we get,

$\rm Total\ Liabilities\ = Total\ Assets\ -\ Total\ Equities\\\\\rm Total\ Liabilities\ = 130317\ -\ 30542\\\\\rm Total\ Liabilities\ =\ 99,775$

Thus, the total liabilities of Chester Corporation is computed as $99,775.

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