APPLYING THE ACCOUNTING MODEL. At the beginning of 19x8 Huffer Corporation had total assets of $226,800, total
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APPLYING THE ACCOUNTING MODEL. At the beginning of 19x8 Huffer Corporation had total assets of $226,800, total liabilities of $84,200, capital stock of
$80,000, and retained earnings of $62,600. During 19x8 Huffer had net income of
$31,500, paid dividends of $11,900, and sold additional capital stock for $12,000. Huffer’s total assets at the end of 19x8 were $278,200.
REQUIRED:
Calculate the amount of liabilities that Huffer must have at the end of 19x8 in order that the balance sheet equation balance.
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