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Jas 2,500 city paid a 500,000 ca: activities affected sha December 31, 2013, th Dos

Jas 2,500 city paid a 500,000 ca: activities affected sha December 31, 2013, th Dos

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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37. Nice Company was incorporated on January 1, 2013 with 5,000,000 from the issuance of share capital and borrowed funds of 1,500,000. During the first year, net income was 2,500,000. On December 15, the entity paid a 500,000 cash dividend. No additional activities affected shareholders' equity in 2013. On December 31, 2013, the liabilities had increased to 1,800,000. On December 31, 2013, what amount should be reported as total assets? a. 6,500,000| b. 9,300,000 8,800,000 6,800,000 С. d.
Transcribed Image Text:37. Nice Company was incorporated on January 1, 2013 with 5,000,000 from the issuance of share capital and borrowed funds of 1,500,000. During the first year, net income was 2,500,000. On December 15, the entity paid a 500,000 cash dividend. No additional activities affected shareholders' equity in 2013. On December 31, 2013, the liabilities had increased to 1,800,000. On December 31, 2013, what amount should be reported as total assets? a. 6,500,000| b. 9,300,000 8,800,000 6,800,000 С. d.
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