Question 18 The following information was taken from the financial statements of
ID: 2513751 • Letter: Q
Question
Question 18
The following information was taken from the financial statements of the Inverness Corporation. All dollar amounts are in millions!
$16,300
$2,800
$600
$9,800
$9,600
$1,900
$12,400
Determine the dollar amount of the Corporation's resources that had been borrowed as of December 31, 2002.
$2,600
$9,600
$2,000
$3,900
Assets, 12/31/02$16,300
Common Stock, 12/31/02$2,800
Dividends, 1/1/02-12/31/02$600
Expenses, 1/1/02-12/31/02$9,800
Liabilities, 12/31/02$9,600
Retained Earnings, 1/1/02$1,900
Revenues 1/1/02-12/31/02$12,400
Explanation / Answer
b. $9,600 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Revenues 12,400.00 Expenses 9,800.00 Income = 12400 - 9800 2,600.00 Dividend 600.00 Addition to Retained earnings = 2600 - 600 2,000.00 Total Assets 16,300.00 Common Stock 2,800.00 Retained earnings = 2000 + 1900 3,900.00 dollar amount of the Corporation's resources that had been borrowed = 16300 - 2800 - 3900 9,600.00
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