As of December 31, 2022, Rockford Corporation has assets of $3,500 and stockholders' equity of $1,500. What are the liabilities for Rockford as of December 31, 2022?

a. $1,000

b. $1,500

c. $2,000

d. $2,500

Question

Anastasia Tran

Business

29 March, 05:38

As of December 31, 2022, Rockford Corporation has assets of $3,500 and stockholders' equity of $1,500. What are the liabilities for Rockford as of December 31, 2022?

a. $1,000

b. $1,500

c. $2,000

d. $2,500

+1

Answers (1)

Know the Answer?

Paulina Bray · Answer 1

c. $2,000

Explanation:

Using the accounting equation

Assets - liabilities = Equity

Assets = $3,500

Stockholders' equity = $1,500

Liabilities = ?

The liabilities for Rockford as of December 31, 2022

= $3,500 - $1,500

= $2,000

The liabilities for Rockford as of December 31, 2022 is $2,000. Option c.

As of December 31, 2022, Rockford Corporation has assets of $3,500 and stockholders' equity of $1,500. What are the liabilities for Rockford as of December 31, 2022?a. $1,000b. $1,500c. $2,000d. $2,500

As of December 31, 2022, Rockford Corporation has assets of $3,500 and stockholders' equity of $1,500. What are the liabilities for Rockford as of December 31, 2022?

a. $1,000

b. $1,500

c. $2,000

d. $2,500