Calc Corporation recorded $8,250,000 in Assets and $2,300,000 in Owner's Equity on December 31, 2013. During the Fiscal (Operating) Year 2014, Calc generated a net income of $2,525,000 and assets decreased by over the same period $1,050,000. What is Calc Corporations Total Liability balance on December 31, 2014?

Calc Corporation recorded $8,250,000 in Assets and $2,300,000 in Owner's Equity on December 31, 2013. During the Fiscal (Operating) Year 2014, Calc generated a net income of $2,525,000 and assets decreased by over the same period $1,050,000. What is Calc Corporations Total Liability balance on December 31, 2014?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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