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ABC had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; net income, $10,000. What is the amount of ABC's liabilities? (just type numbers)

ABC had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; net income, $10,000. What is the amount of ABC's liabilities? (just type numbers)

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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ABC had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; net income, $10,000. What is the amount of ABC's liabilities? (just type numbers) Numeric Response
Transcribed Image Text:ABC had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; net income, $10,000. What is the amount of ABC's liabilities? (just type numbers) Numeric Response
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