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

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 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...

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Subject :- Accounting
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