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12-08-2020
Business

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Michael Company reports Total Assets of $254,000, Common Stock of $50,000, and Retained Earnings of $94,000. What are total liabilities at the end of the first year

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ewomazinoade ewomazinoade

17-08-2020

Answer:

$110,000

Explanation:

Accounting equation : Assets - liabilities = Shareholder's equity

Liabilities = Assets - Shareholder's equity

Equity = $50,000 + $94,000 = $144,000

$254,000 - $144,000 = $110,000

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