Answer these questions about two companies. 1. Sapphire, Inc., began the year with total liabilities of $90,000
Question:
1. Sapphire, Inc., began the year with total liabilities of $90,000 and total stockholders equity of $35,000. During the year, total assets increased by 30%. How much are total assets at the end of the year?
2. Southbound Airlines Ltd. began the year with total assets of $95,000 and total liabilities of $47,000. Net income for the year was $26,000, and dividends were zero. How much is stockholders equity at the end of the year?
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1 Saphire Inc Assets Liabilities Stockholders Equity Begi...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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