Question

g The following information relates to XYZ Company: January 1, 2023: Liabilities ............... $137,000 Retained earnings ......... $232,000 December 31, 2023: Total equity .............. $258,000 During 2023, the assets of XYZ Company decreased by $65,000, the liabilities decreased by $14,000, and the common stock increased by $29,000. Calculate XYZ Companys common stock at January 1, 2023.

Answer 1

Answer:

The common stock at January $1, 2023$ is $\ 77,000$

Explanation:

• Total asset is calculated by adding total liability and total equity.

• The common stock of the year is calculator by deducting the liabilities and retained earnings .

Total equity                                $\ 258,000$

Total Liabilities                           $\ 123,000$

Total asset as on December     $\ 381,000$

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