We appreciate your visit to Andrews Company currently has the following balances in their liability and equity accounts Total Liabilities 141 131 673 Common Stock 13 308 000 Retained Earnings. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
The total assets of Andrews Company for the next year must be $138,526,276.
Explanation:
To calculate the total assets of Andrews Company for the next year, we need to use the equation: Total Assets = Total Liabilities + Equity.
From the given information, we know that the total liabilities are $141,131,673 and the equity consists of common stock and retained earnings. The common stock is $13,308,000 and the retained earnings are -$15,913,397.
Using the equation, we can calculate the total assets as follows:
Total Assets = $141,131,673 + ($13,308,000 + (-$15,913,397))
Simplifying the equation, we get:
Total Assets = $141,131,673 - $2,605,397
Total Assets = $138,526,276
Therefore, the total assets of Andrews Company for the next year must be $138,526,276.
Learn more about calculating total assets here:
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