Moonlight Fashion had total assets of $780,000 and total liabilities of $320,000. If the company earned $140,000 in net income and distributed $50,000 in dividends, what is the company's ending total equity?

Moonlight Fashion had total assets of $780,000 and total liabilities of $320,000. If the company earned $140,000 in net income and distributed $50,000 in dividends, what is the company's ending total equity?

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Question

What is the company's ending total equity?

Moonlight Fashion had total assets of $780,000 and total liabilities of $320,000. If the company earned
$140,000 in net income and distributed $50,000 in dividends, what is the company's ending total
equity?

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