Torrance Corporation reported a net income of $90,000 in July. The company also paid $20,000 in dividends during the same period. The beginning balance in stockholders' equity was $5,000. What is the ending balance in stockholders' equity?

Torrance Corporation reported a net income of $90,000 in July. The company also paid $20,000 in dividends during the same period. The beginning balance in stockholders' equity was $5,000. What is the ending balance in stockholders' equity?

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 the ending balance in stockholders equity? Accounting question

Torrance Corporation reported a net income of $90,000 in July.
The company also paid $20,000 in dividends during the same
period. The beginning balance in stockholders' equity was
$5,000.
What is the ending balance in stockholders' equity?

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