The Following Items Are Components of a Traditional Balance Sheet

question 83

Multiple Choice

The following items are components of a traditional balance sheet. How much is the total equity of the firm? $\begin{array}{lc}\text { Long-term debt } & \$ 12,000 \\\text { Common stock } & 15,000 \\\text { Accounts payable } & 8,000 \\\text { Paid in excess } & 6,000 \\\text { Accrued interest payable } & 1,500 \\\text { Plant and equipment } & 60,000 \\\text { Retained earnings } & 28,000 \\\text { Accountsreceivable } & 22,000\end{array}$

• A) $62,500
• B) $49,000
• C) $93,000
• D) $97,000

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