contributed capital accounts: A corporation has $94,000 in total assets, $29,000 in total liabilities, and a $20,400 credit balance in retained earnings.

A corporation has $94,000 in total assets, $29,000 in total liabilities, and a $20,400 credit balance in retained earnings. What is the balance in the contributed capital accounts?

Multiple Choice

$65,000
$49,400
$85,400
$44,600

Expert Solution

Given information:

A corporation has $94,000 in total assets, $29,000 in total liabilities, and a $20,400 credit balance in retained earnings

Formula to calculate the Balance in the contributed capital accounts:

Balance in the contributed capital accounts = Total assets - Total liabilities - Credit balance in retained earnings

= $94,000 - $29,000 - $20,400

= $44,600

$44,600 is the correct answer.

DEEPIKA GOYAL answered 1 year ago

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