Rolex Enterprises had total assets of $75,000 and total liabilities of $50,000 at the beginning of the year. During the year, the business recorded $120,000 in revenues, $70,000 in expenses, and dividends of $12,000 were distributed. What is equity at the end of the year is?

Rolex Enterprises had total assets of $75,000 and total liabilities of $50,000 at the beginning of the year. During the year, the business recorded $120,000 in revenues, $70,000 in expenses, and dividends of $12,000 were distributed. What is equity at the end of the year is?

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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Question

What is equity at the end of the year is?

Rolex Enterprises had total assets of $75,000
and total liabilities of $50,000 at the beginning
of the year. During the year, the business
recorded $120,000 in revenues, $70,000 in
expenses, and dividends of $12,000 were
distributed.
What is equity at the end of the year is?

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