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8 January, 17:35

Midyear on July 31st, the Andrews Corporation's balance sheet reported: Total Liabilities of $81.319 million Cash of $8.040 million Total Assets of $190.768 million Total Common Stock of $5.080 million. What were the Andrews Corporation's retained earnings?

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  1. 8 January, 18:53
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    Answer: $104.369 million

    Explanation:

    Given that,

    Total Liabilities = $81.319 million

    Cash = $8.040 million

    Total Assets = $190.768 million

    Total Common Stock = $5.080 million

    Therefore,

    Total assets = Total liabilities + Total stockholders' equity

    $190.768 million = $81.319 million + Total stockholders' equity

    Total stockholders' equity = $190.768 million - $81.319 million

    = $ 109.449 million

    Total stockholders' equity = Total common stock + Retained earnings

    Retained earnings = Total stockholders' equity - Total common stock

    = $ 109.449 million - $5.080 million

    = $104.369 million
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