Chapter 7, Problem 27E

Aquila Enterprises began the year with total liabilities of $120,000 and stockholders' equity of $80,000. During the year, the company had a net income of $190,000 and paid its shareholders $50,000. Total liabilities at the end of the year were $95,000. What is the total amount of assets at the end of the year?

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Assume that the retained earnings of Summit Corporation increased by $47,300 from March 31 of year 1 to March 31 of year 2. During the year, the company declared and paid cash dividends of $14,250. Compute the net income for the year.

General Accounting Question

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Financial accounting problem