Midyear on july 31st, the baldwin corporation's balance sheet reported: total liabilities of $51.346 million total common stock of $2.540 million cash of $4.020 million retained earnings of $18.185 million. What were the baldwin corporation's total assets
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Answer:
Total Assets = $72.071 million
Total assets other than cash = $68.051 million
Explanation:
As of the general accounting equation:
Assets = Liabilities + Equity
Assets = Current + fixed
Equity = Common stock + Retained earnings
Thus, on the right hand side:
Liabilities = $51.346 million
Common stock = $2.540 million
Retained earnings = $18.185 million
Total of Right side of equation = $72.071 million
Thus, Total assets = $72.071 million
Total assets other than cash = $72.071 million - $4.020 million = $68.051 million
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