Jack and Jill Corporation's year-end 2018 balance sheet lists current assets of $250,000, fixed assets of $800,000, current liabilities of $195,000, and long-term debt of $300,000. What is Jack and Jill's total stockholders' equity?
A) $495,000
B) $555,000
C) $1,050,000
D) There is not enough information to calculate total stockholders' equity.Recall the balance sheet identity in Equation 2-1: Assets = Liabilities + Equity.Rearranging this equation: Equity = Assets - Liabilities. Thus, the balance sheets would appear as follows:
Correct Answer:
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