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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 96000andstockholdersequityof96000 and stockholders' equity of 40000. What are the liabilities for Blossom Company as of June 30, 2022?Select answer from the options below13600013600040000560005600096000

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Solution

The liabilities of a company can be calculated using the following formula:

Liabilities = Assets - Stockholders' Equity

In the case of Blossom Company:

Liabilities = 96000(Assets)96000 (Assets) - 40000 (Stockholders' Equity)

So, the liabilities for Blossom Company as of June 30, 2022, would be $56000.

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