Question

As of December 31, Drake Inc. reported the following (in millions): Current AssetsLong-term AssetsCurrent LiabilitiesTotal Liabilities $31,967$42,737$26,132$61,491 What amount did Drake Inc. report as equity on December 31

Answer 1

Answer:

$13,213

Explanation:

The computation of the equity is shown below:

As we know that

Total assets = total liabilities + total stockholder equity

here

Totalassets be

= $31,967 + $42,737

= $74,707

ANd, the total liabilities is $61,491

So, the equity should be

= $74,707 - $61,491

= $13,213