As of June 30, 2022, Blossom Company has assets of $96000 and stockholders' equity of $40000. What are the liabilities for Blossom Company as of June 30, 2022?Select answer from the options below$136000$40000$56000$96000
Question
As of June 30, 2022, Blossom Company has assets of 40000. What are the liabilities for Blossom Company as of June 30, 2022?Select answer from the options below4000096000
Solution
The liabilities of a company can be calculated using the following formula:
Liabilities = Assets - Stockholders' Equity
In the case of Blossom Company:
Liabilities = 40000 (Stockholders' Equity)
So, the liabilities for Blossom Company as of June 30, 2022, would be $56000.
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