Pinnacle Advisors started the year with total assets of $120,000 and total liabilities of $45,000. During the year, the business recorded $95,000 in service revenues and $60,000 in expenses. Additionally, Pinnacle issued $15,000 in stock and paid $22,000 in dividends. By how much did stockholders' equity change from the beginning of the year to the end of the year?

Pinnacle Advisors started the year with total assets of $120,000 and total liabilities of $45,000. During the year, the business recorded $95,000 in service revenues and $60,000 in expenses. Additionally, Pinnacle issued $15,000 in stock and paid $22,000 in dividends. By how much did stockholders' equity change from the beginning of the year to 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 53E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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