Zoeckler Mowing & Landscaping's year-end 2011 balance sheet lists current assets of $350,000, fixed assets of $325,000, current liabilities of $145,000, and long-term debt of $185,000. Calculate Zoeckler's total stockholders' equity.
A)$115,000
B)$490,000
C)$345,000
D)$500,000

Question

Quizplus · Accepted Answer

Total stockholders' equity is calculated as total assets minus total liabilities. Total assets = $350,000 (current) + $325,000 (fixed) = $675,000. Total liabilities = $145,000 (current) + $185,000 (long-term) = $330,000. Therefore, stockholders' equity = $675,000 - $330,000 = $345,000.

Zoeckler Mowing & Landscaping's Year-End 2011 Balance Sheet Lists Current