Everglow Corporation reported total assets of $980,000 and total liabilities of $420,000 at the beginning of the year. During the year, the company earned $150,000 in net income and paid dividends of $30,000 to shareholders. Additionally, Everglow Corporation issued common stock worth $50,000 and acquired new equipment for $85,000. What is the company's total equity at the end of the year?

Everglow Corporation reported total assets of $980,000 and total liabilities of $420,000 at the beginning of the year. During the year, the company earned $150,000 in net income and paid dividends of $30,000 to shareholders. Additionally, Everglow Corporation issued common stock worth $50,000 and acquired new equipment for $85,000. What is the company's total equity at the end of the year?

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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For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?
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