The following information was extracted from the accounting records of Vogel Company:
$$\begin{array} { l l }
\text { beginning Paid-in Capital } & \$ 90,000 \
\text {beginning Retained Earnings } & \$ 300,000 \
\text { beginning Assets } & \$ 455,006 \
\text { Contributicns by owners } & \$ 0 \
\text { Revenues } & \$ 200,000 \
\text { Expenses } & \$ 155,000
\end{array}$$
At the beginning of the period,what is the total amount of liabilities?
A) $65,000
B) $100,000
C) $155,000
D) $245,000

Question

The following information was extracted from the accounting records of Vogel Company:
$$\begin{array} { l l } 
\text { beginning Paid-in Capital } & \$ 90,000 \
\text {beginning Retained Earnings } & \$ 300,000 \
\text { beginning Assets } & \$ 455,006 \
\text { Contributicns by owners } & \$ 0 \
\text { Revenues } & \$ 200,000 \
\text { Expenses } & \$ 155,000
\end{array}$$
At the beginning of the period,what is the total amount of liabilities?
A) $65,000
B) $100,000
C) $155,000
D) $245,000

Quizplus · Accepted Answer

Total assets = Liabilities + Owner's equity$455,006 = Liabilities + $90,000 + $300,000Liabilities = $455,006 - $90,000 - $300,000Liabilities = $65,000

The Following Information Was Extracted from the Accounting Records of Vogel