Owners Equity Mortin Company reported owners equity of $450,000 at December 31. During December, Mortins owners had

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Owners’ Equity Mortin Company reported owners’ equity of $450,000 at December 31. During December, Mortin’s owners had invested an additional $90,000, dividends of $20,000 were paid to owners, and reported net income was $42,000.

a. What amount had Mortin Company reported as owners’

equity at December 1?

b. If Mortin reported total assets of $979,000 at December 1, what amount of total liabilities did it report at December 1?

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Financial Accounting A Decision Making Approach

ISBN: 9780471328230

2nd Edition

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

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Question Posted: Jun 21, 2024 09:05 AM

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Owners Equity Mortin Company reported owners equity of $450,000 at December 31. During December, Mortins owners had

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Financial Accounting A Decision Making Approach

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