At the beginning of the year, owners' equity totaled $135,000. During the year, net income was $42,000, and dividends of $31,000 were declared and paid. What was Owners' equity at the end of the year?

At the beginning of the year, owners' equity totaled $135,000. During the year, net income was $42,000, and dividends of $31,000 were declared and paid. What was Owners' equity at the end of the year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 53E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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Question

Please provide the solution to this financial accounting question using proper accounting principles.

At the beginning of the year, owners' equity totaled $135,000. During the
year, net income was $42,000, and dividends of $31,000 were declared and
paid.
What was Owners' equity at the end of the year?

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