Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During...

 

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Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During the year, the business recorded $82,000 in service revenues ($52,000 was cash, $30,000 was on account), $45,000 in expenses, and paid dividends of $2,500. #25: Shareholders' equity at the end of the year was? a. $79,500 b. $45,000 c. $82,000 d. $77,000 #26: Net income for the year was? a. $34,500 b. $37,000 c. $45.000 d. $7,000 Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During the year, the business recorded $82,000 in service revenues ($52,000 was cash, $30,000 was on account), $45,000 in expenses, and paid dividends of $2,500. #25: Shareholders' equity at the end of the year was? a. $79,500 b. $45,000 c. $82,000 d. $77,000 #26: Net income for the year was? a. $34,500 b. $37,000 c. $45.000 d. $7,000

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Answer a 79500 Total stockholders equity at the beginning of the year Refer working note 1 ... View the full answer