Use the following information for Meeker Corp. to determine the amount of equity to report. $$\begin{array} { l r }
\text { Cash } & \$ 70,000 \
\text { Buildings } & 125,000 \
\text { Land } & 205,000 \
\text { Liabilities } & 130,000
\end{array}$$
A) $530,000.
B) $140,000.
C) $20,000.
D) $270,000.
E) $390,000.

Question

Use the following information for Meeker Corp. to determine the amount of equity to report. $$\begin{array} { l r } 
\text { Cash } & \$ 70,000 \
\text { Buildings } & 125,000 \
\text { Land } & 205,000 \
\text { Liabilities } & 130,000
\end{array}$$
A) $530,000.
B) $140,000.
C) $20,000.
D) $270,000.
E) $390,000.

Quizplus · Accepted Answer

We need to find the amount of equity reported, which is the total assets minus the total liabilities. 
From the given information: 
Total assets = $800,000 
Total liabilities = $530,000 
Equity = Total assets - Total liabilities 
Equity = $800,000 - $530,000 
Equity = $270,000 
Therefore, the correct answer is D) $270,000.

Use the Following Information for Meeker Corp A) $530,000