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Using the following data from Phoenix Inc.: ($) Sales Revenue: 2,000,000 Cost of Goods Sold: 1,200,000 Net Income: 400,000 Cash: 300,000 Total Assets: 1,600,000 Total Liabilities: 900,000 Retained Earnings: 500,000 What is Phoenix Inc.'s Total Owners' Equity? A. 900,000 B. 700,000 C. 500,000 D. 800,000

Using the following data from Phoenix Inc.: ($) Sales Revenue: 2,000,000 Cost of Goods Sold: 1,200,000 Net Income: 400,000 Cash: 300,000 Total Assets: 1,600,000 Total Liabilities: 900,000 Retained Earnings: 500,000 What is Phoenix Inc.'s Total Owners' Equity? A. 900,000 B. 700,000 C. 500,000 D. 800,000

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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Using the following data from Phoenix Inc.: ($) Sales Revenue: 2,000,000 Cost of Goods Sold: 1,200,000 Net Income: 400,000 Cash: 300,000 Total Assets: 1,600,000 Total Liabilities: 900,000 Retained Earnings: 500,000 What is Phoenix Inc.'s Total Owners' Equity? A. 900,000 B. 700,000 C. 500,000 D. 800,000
Transcribed Image Text:Using the following data from Phoenix Inc.: ($) Sales Revenue: 2,000,000 Cost of Goods Sold: 1,200,000 Net Income: 400,000 Cash: 300,000 Total Assets: 1,600,000 Total Liabilities: 900,000 Retained Earnings: 500,000 What is Phoenix Inc.'s Total Owners' Equity? A. 900,000 B. 700,000 C. 500,000 D. 800,000
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