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Chester Corporation's Total Liabilities

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Midyear on July 31st, the Chester Corporation's balance sheet reported:

Total Assets of $174.250 million
Total Common Stock of $5.080 million
Cash of $8.040 million
Retained Earnings of $39.953 million.

What were the Chester Corporation's total liabilities?

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Solution Summary

The solution calculates Chester Corporation's total liabilities.

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This question has to do with the fundamental accounting equation of Assets = Liabilities + Owners Equity.

In the information that was provided, we already know what assets equals, which is $174.250 million.

We also know what ...

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