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SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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Question

John Inc. doubled its amount of assets

John Inc. doubled its amount of assets
from the beginning to the end of the
year. Liabilities at the end of the year
amount to $370,000, and owner's equity
is $55,000. What is the amount of John's
assets at the beginning of the year?

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