Everton Corp. was incorporated two years ago by issuing 6,000 shares of common stock at $350 each and borrowing $280,000 from a bank on a long-term note. Last year, Everton reported a net income of $55,000 and paid a cash dividend of $2,500. The company also borrowed an additional $370,000 from the bank during the year. What was the total assets on Everton Corp.'s balance sheet at the end of last year?
Everton Corp. was incorporated two years ago by issuing 6,000 shares of common stock at $350 each and borrowing $280,000 from a bank on a long-term note. Last year, Everton reported a net income of $55,000 and paid a cash dividend of $2,500. The company also borrowed an additional $370,000 from the bank during the year. What was the total assets on Everton Corp.'s balance sheet at the end of last year?
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 22EB: Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000...
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Transcribed Image Text:Everton Corp. was incorporated two years ago by issuing 6,000
shares of common stock at $350 each and borrowing $280,000 from
a bank on a long-term note. Last year, Everton reported a net
income of $55,000 and paid a cash dividend of $2,500. The company
also borrowed an additional $370,000 from the bank during the year.
What was the total assets on Everton Corp.'s balance sheet at the
end of last year?
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