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At 12/31/X1, Suiza Inc. had $250 in assets and $130 in liabilities. For the year ended 12/31/X1, net income was $45. During 20X1, $10 in common stock was issued, liabilities decreased $15, assets increased $10, and dividends were declared. The only accounts in Stockholders' Equity for Suiza are Common Stock and Retained Earnings. What were total dividends declared during 20X1? A $80 B $60 C $55 D $35 E $30

At 12/31/X1, Suiza Inc. had $250 in assets and $130 in liabilities. For the year ended 12/31/X1, net income was $45. During 20X1, $10 in common stock was issued, liabilities decreased $15, assets increased $10, and dividends were declared. The only accounts in Stockholders' Equity for Suiza are Common Stock and Retained Earnings. What were total dividends declared during 20X1? A $80 B $60 C $55 D $35 E $30

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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***Question 32*** At 12/31/X1, Suiza Inc. had $250 in assets and $130 in liabilities. For the year ended 12/31/X1, net income was $45. During 20X1, $10 in common stock was issued, liabilities decreased $15, assets increased $10, and dividends were declared. The only accounts in Stockholders' Equity for Suiza are Common Stock and Retained Earnings. What were total dividends declared during 20X1? A $80 B $60 C $55 D $35 57 E $30
Transcribed Image Text:***Question 32*** At 12/31/X1, Suiza Inc. had $250 in assets and $130 in liabilities. For the year ended 12/31/X1, net income was $45. During 20X1, $10 in common stock was issued, liabilities decreased $15, assets increased $10, and dividends were declared. The only accounts in Stockholders' Equity for Suiza are Common Stock and Retained Earnings. What were total dividends declared during 20X1? A $80 B $60 C $55 D $35 57 E $30
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