Coastal Industries started the year with $1,850,000 in total assets and $1,150,000 in total liabilities. During the year, the company generated $325,000 in net income, paid $95,000 in dividends, and issued preferred stock worth $120,000. What is the company's total equity at the end of the year?

Coastal Industries started the year with $1,850,000 in total assets and $1,150,000 in total liabilities. During the year, the company generated $325,000 in net income, paid $95,000 in dividends, and issued preferred stock worth $120,000. What is the company's total equity at the end of the year?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 6P: In its most recent financial statements, Del-Castillo Inc. reported 70 million of net income and 900...

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Coastal Industries started the year with $1,850,000 in total assets and
$1,150,000 in total liabilities. During the year, the company generated $325,000
in net income, paid $95,000 in dividends, and issued preferred stock worth
$120,000. What is the company's total equity at the end of the year?

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