Solved

Flores Realty Corporation Had the Following Balance Sheet Accounts and Balances

Question 123

Multiple Choice

Flores Realty Corporation had the following balance sheet accounts and balances:  Accounts Payable $6,000 Common Stock ? Accounts Receivable 1,000 Equipment $7,000 Building ? Land 7,000 Cash 3,000 Retained Earnings 2,000\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 $8,000 and $3,000 of Accounts Payable were paid in cash,what would be the total liabilities and stockholders' equity?


A) $14,000
B) $23,000
C) $18,000
D) $19,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions