Summit Electronics began the year with total assets of $500,000 and total liabilities of $350,000. During the year, the company recorded $820,000 in revenues, $450,000 in expenses, and paid dividends of $80,000. What was the stockholders' equity at the end of the year?

Summit Electronics began the year with total assets of $500,000 and total liabilities of $350,000. During the year, the company recorded $820,000 in revenues, $450,000 in expenses, and paid dividends of $80,000. What was the stockholders' equity at 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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Question

What was the stockholders equity at the end of the year ?

Summit Electronics began the year with total assets of
$500,000 and total liabilities of $350,000. During the
year, the company recorded $820,000 in revenues,
$450,000 in expenses, and paid dividends of $80,000.
What was the stockholders' equity at the end of the
year?

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