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A corporation commenced operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Net Income 29,000 Common Stock ? Unused Supplies 3,000 No dividends were paid. Calculate the balance in the Common Stock account. $52,000 $6,000 $58,000 $100,000

A corporation commenced operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Net Income 29,000 Common Stock ? Unused Supplies 3,000 No dividends were paid. Calculate the balance in the Common Stock account. $52,000 $6,000 $58,000 $100,000

FINANCIAL ACCOUNTING
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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A corporation commenced operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Net Income 29,000 Common Stock ? Unused Supplies 3,000 No dividends were paid. Calculate the balance in the Common Stock account. $52,000 $6,000 $58,000 $100,000
Transcribed Image Text:A corporation commenced operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 65,000 Building 67,000 Cash 30,000 Equipment 23,000 Land 13,000 Net Income 29,000 Common Stock ? Unused Supplies 3,000 No dividends were paid. Calculate the balance in the Common Stock account. $52,000 $6,000 $58,000 $100,000
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