Chloe's Computing Services Company reported total assets of $1,113,200 and total liabilities of $479,300 on December 31, 2004. During 2005, the company earned revenues of $505,900 and incurred expenses of $475,400. Also, during 2005, the company issued $43,800 of its common stock, and it declared and paid dividends of $25,000. On December 31, 2005, the company's balance sheet showed that total assets had increased by $378,900 since the beginning of the year. What were total liabilities on December 31, 2005? $907,500 $888,700 $827,700 $808,900 None of the above.
Chloe's Computing Services Company reported total assets of $1,113,200 and total liabilities of $479,300 on December 31, 2004. During 2005, the company earned revenues of $505,900 and incurred expenses of $475,400. Also, during 2005, the company issued $43,800 of its common stock, and it declared and paid dividends of $25,000. On December 31, 2005, the company's balance sheet showed that total assets had increased by $378,900 since the beginning of the year. What were total liabilities on December 31, 2005? $907,500 $888,700 $827,700 $808,900 None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chloe's Computing Services Company reported total assets of $1,113,200 and total liabilities of $479,300 on December 31, 2004. During 2005, the company earned revenues of $505,900 and incurred expenses of $475,400. Also, during 2005, the company issued $43,800 of its common stock, and it declared and paid dividends of $25,000. On December 31, 2005, the company's
What were total liabilities on December 31, 2005?
- $907,500
- $888,700
- $827,700
- $808,900
- None of the above.
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