Shareholders' equity for Raisin Corporation on January 1, 2017 and December 31, 2017 were $60,000 and $75,000,
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Question:
Shareholders\\\' equity for Raisin Corporation on January 1, 2017 and December 31, 2017 were $60,000 and $75,000, respectively. Assets on January 1, 2017 and December 31, 2017 were $115,000 and $105,000, respectively. Liabilities on January 1, 2017 were $55,000. What is the amount of liabilities on December 31, 2017?
a.$55,000
b.$30,000
c.$15,000
d.$40,000
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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