A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings
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Question:
A company started the year with the following:
Assets $104,000;
Liabilities $34,000;
Common Stock $64,000;
Retained Earnings $6,000.
During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year.
What is The amount of the company's liabilities at the end of the year?
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