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Platinum Corp. reported the following amounts at the end of the first year of operations, December 31, 2022: Contributed capital Total revenue Total assets Dividends $70,000 $290,000 $340,000 $10,000 Total liabilities $120,000 Shareholders' equity on December 31, 2022 and total expenses for the year ending December 31, 2022 would be: a) Shareholders' equity $220,000 and expenses $130,000 b) Shareholders' equity $220,000 and expenses $140,000 c) Shareholders' equity $150,000 and expenses $130,000 d) Shareholders' equity $290,000 and expenses $140,000 e) Shareholders' equity $290,000 and expenses $150,000

Platinum Corp. reported the following amounts at the end of the first year of operations, December 31, 2022: Contributed capital Total revenue Total assets Dividends $70,000 $290,000 $340,000 $10,000 Total liabilities $120,000 Shareholders' equity on December 31, 2022 and total expenses for the year ending December 31, 2022 would be: a) Shareholders' equity $220,000 and expenses $130,000 b) Shareholders' equity $220,000 and expenses $140,000 c) Shareholders' equity $150,000 and expenses $130,000 d) Shareholders' equity $290,000 and expenses $140,000 e) Shareholders' equity $290,000 and expenses $150,000

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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Platinum Corp. reported the following amounts at the end of the first year of operations, December 31, 2022: Contributed capital Total revenue Total assets Dividends $70,000 $290,000 $340,000 $10,000 Total liabilities $120,000 Shareholders' equity on December 31, 2022 and total expenses for the year ending December 31, 2022 would be: a) Shareholders' equity $220,000 and expenses $130,000 b) Shareholders' equity $220,000 and expenses $140,000 c) Shareholders' equity $150,000 and expenses $130,000 d) Shareholders' equity $290,000 and expenses $140,000 e) Shareholders' equity $290,000 and expenses $150,000
Transcribed Image Text:Platinum Corp. reported the following amounts at the end of the first year of operations, December 31, 2022: Contributed capital Total revenue Total assets Dividends $70,000 $290,000 $340,000 $10,000 Total liabilities $120,000 Shareholders' equity on December 31, 2022 and total expenses for the year ending December 31, 2022 would be: a) Shareholders' equity $220,000 and expenses $130,000 b) Shareholders' equity $220,000 and expenses $140,000 c) Shareholders' equity $150,000 and expenses $130,000 d) Shareholders' equity $290,000 and expenses $140,000 e) Shareholders' equity $290,000 and expenses $150,000
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