Flores Realty Corporation had the following balance sheet accounts and balances: $\begin{array}{lrlr}
\text { Accounts Payable } & \$ 6,000 & \text { Common Stock }&? \
\text { Accounts Receivable } & 1,000 & \text { Equipment } & \$ 7,000 \
\text { Building } & ? & \text { Land } & 7,000 \
\text { Cash } & 3,000 & \text { Retained Earnings } & 2,000
\end{array}$ If the balance of the Building account were $26,500,what would be the total of liabilities and stockholders' equity?

Question

Quizplus · Accepted Answer

The total of liabilities and stockholders' equity is equal to the total assets. The total assets are equal to the sum of the building, land, equipment, accounts receivable, and cash. Therefore, the total assets are $26,500 + $7,000 + $7,000 + $1,000 + $3,000 = $44,500.

Flores Realty Corporation Had the Following Balance Sheet Accounts and Balances