Use the Hillcrest Corporation data in Short Exercise 13-6 to compute Hilkest's

a. Total liabilities 

b. Total assets

Exercise 13-6

Hillcrest Corporation reported the following accounts:

Prepare the stockholders' equity section of the Hillcrest balance sheet.

Transcribed Image Text:

Cost of goods sold $58.800 Accounts payable $ 6.000 Paid-in capital in excess of par 17,000 Retained earnings 16,000 Common stock, $1 par. Unearned revenue 5.200 40,000 shares issued 40,000 Total assets Cash 24,000 Long-term note payable 7.600