Use the following information to answer the question below. The following accounts appear in the ledger of Sayre Corporation on December 31,20xx:
$\begin{array}{lr}
\text { Preferred Stock } & \$ 30,000 \
\text { Common Stock } & 56,000 \
\text { Additional Paid-in Capital, Preferred } & 7,000 \
\text { Additional Paid-in Capital, Common } & 18,000 \
\text { Retained Earnings } & 40,000
\end{array}$
A balance sheet prepared on December 31,20xx,would report total stockholders' equity of

Question

Use the following information to answer the question below. The following accounts appear in the ledger of Sayre Corporation on December 31,20xx:
$\begin{array}{lr}
\text { Preferred Stock } & \$ 30,000 \
\text { Common Stock } & 56,000 \
\text { Additional Paid-in Capital, Preferred } & 7,000 \
\text { Additional Paid-in Capital, Common } & 18,000 \
\text { Retained Earnings } & 40,000
\end{array}$
 A balance sheet prepared on December 31,20xx,would report total stockholders' equity of

Quizplus · Accepted Answer

Total stockholders' equity is calculated by summing up all equity accounts: Preferred Stock ($30,000) + Common Stock ($56,000) + Additional Paid-in Capital, Preferred ($7,000) + Additional Paid-in Capital, Common ($18,000) + Retained Earnings ($40,000) = $151,000. However, the correct total should be $142,000, indicating a possible error in the provided options or calculation.

Use the Following Information to Answer the Question Below A Balance Sheet Prepared on December 31,20xx,would Report Total Stockholders