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Total assets were $96,000 and total liabilities were $54,000 at the beginning of the year. Net income for the year

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Total assets were $96,000 and total liabilities were $54,000 at the beginning of the year. Net income for the year was $16,000, and dividends of $4,000 were declared and paid during the year.

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Calculate total stockholders' equity at the end of the year.

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Beginning stockholders equity 96 000 54 000 42 000 Net income increases retained earn…View the full answer


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Accounting What the Numbers Mean

Accounting What the Numbers Mean

ISBN: 978-1259535314

11th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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Question Posted: August 03, 2016 07:59:13
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