Global Tech Inc. had assets of $300,000 and liabilities of $150,000 at the beginning of the year. During the year, revenues were $200,000, and expenses were $120,000. The company also paid a dividend of $10,000 to the owners, and assets increased by $50,000 during the year. What were Global Tech's total liabilities at the end of the year?

Global Tech Inc. had assets of $300,000 and liabilities of $150,000 at the beginning of the year. During the year, revenues were $200,000, and expenses were $120,000. The company also paid a dividend of $10,000 to the owners, and assets increased by $50,000 during the year. What were Global Tech's total liabilities at the end of the year?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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