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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
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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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?
Transcribed Image Text: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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