Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
PT Corporation has the following accounts and balances for the end of the period (assume all Balance sheet accounts are listed below): Accounts Payable $19,000
PT Corporation has the following accounts and balances for the end of the period (assume all Balance sheet accounts are listed below):
Accounts Payable $19,000
Long Term Note Payable $70,000
Sales $50,000
Operating Expenses $17,000
Cash $28,000
Inventory $29,000
Machinery $110,000
Accum Depr (Machinery) $21,000
Common Stock $45,000
Preferred Stock ?
Retained Earnings ?
COGS $10,000
Accounts Receivable $20,000
What is the amount of PT's Total Stockholders Equity
a. $119,000
b. $55,000
c. $32,000
d. $121,000
e. $77,000
f. $68,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started