Total assets were $88,000 and total liabilities were $47,000 at the beginning of the year. Net...

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Total assets were $88,000 and total liabilities were $47,000 at the beginning of the year. Net income for the year was $18,000, and dividends of $7,500 were declared and paid during the year. Assume that no other changes occurred during the year. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning: Changes: Changes: Ending: Assets = $ 88,000 = || = Liabilities + $ 47,000+ + Stockholders' Equity $ 0 Total assets were $88,000 and total liabilities were $47,000 at the beginning of the year. Net income for the year was $18,000, and dividends of $7,500 were declared and paid during the year. Assume that no other changes occurred during the year. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning: Changes: Changes: Ending: Assets = $ 88,000 = || = Liabilities + $ 47,000+ + Stockholders' Equity $ 0

Answer rating: 100% (QA)

ALSE Calculate the total stockholders equity as follows Asset... View the full answer