As of December 31, 2013, Bloch Company had $3,800 of assets, $1,600 of liabilities and $700 of retained earnings. The balance in the common stock account on the December 31, 2013 balance sheet was
A)$2,900
B)$3,800
C)$1,500
D)none of the above

Question

Quizplus · Accepted Answer

If assets total $3,800, claims must also total $3,800. Claims include liabilities, common stock and retained earnings. Because liabilities and retained earnings equal $2,300, common stock must be $1,500.

As of December 31, 2013, Bloch Company Had $3,800 of Assets