1. As of December 31, 2019, XYZ Company reported assets of $7,400,000, liabilities of $2,200,000, share capital of $1,980,000 and retained earnings of $3,220,000. What is Total equity reported on the statement of financial position as of that date?

1. As of December 31, 2019, XYZ Company reported assets of $7,400,000, liabilities of $2,200,000, share capital of $1,980,000 and retained earnings of $3,220,000. What is Total equity reported on the statement of financial position as of that date?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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