Finn Company reported assets of $1,000 and stockholders' equity of $600. What amount will Finn report for liabilities?
A) $400
B) $600
C) $1,600
D) Cannot be determined

Name: Finn Company reported assets of $1,000 and stockholders' equity of $600. What amount will Finn report for liabilities? A) $400 B) $600 C) $1,600 D) Cannot be determined
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Question

Quizplus · Accepted Answer

Assets = Liabilities + Stockholders' Equity 
$1,000 = L + $600 
$400 = L 
Therefore, Finn will report $400 for liabilities.

Finn Company Reported Assets of $1,000 and Stockholders' Equity of $600