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Midyear on July 31st, the Andrews Corporation's balance sheet reported: Total Liabilities of $81.319 million Cash of $8.040 million Total Assets of $190.768 million Total Common Stock of $5.080 million. What were the Andrews Corporation's retained earnings?

Respuesta :

Answer: $104.369 million

Explanation:

Given that,

Total Liabilities = $81.319 million

Cash = $8.040 million

Total Assets = $190.768 million

Total Common Stock = $5.080 million

Therefore,

                     Total assets = Total liabilities + Total stockholders' equity

              $190.768 million = $81.319 million + Total stockholders' equity

Total stockholders' equity = $190.768 million - $81.319 million

                                            = $ 109.449 million

Total stockholders' equity = Total common stock + Retained earnings

Retained earnings = Total stockholders' equity - Total common stock

                                = $ 109.449 million - $5.080 million

                                = $104.369 million

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