Jack and Jill Corporation's year-end 2013 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?

Question

Quizplus · Accepted Answer

Total Assets = Current Assets + Fixed Assets = $250,000 + $800,000 = $1,050,000
Total Liabilities = Current Liabilities + Long-term Debt = $195,000 + $300,000 = $495,000
Total Stockholders' Equity = Total Assets - Total Liabilities = $1,050,000 - $495,000 = $555,000. Therefore, the correct answer is B.

Jack and Jill Corporation's Year-End 2013 Balance Sheet Lists Current