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A company started the year with the following: Assets $101,000; Liabilities $31,000; Common Stock $61,000; Retained Earnings $9,000. During the year, the company earned revenue
A company started the year with the following: Assets $101,000; Liabilities $31,000; Common Stock $61,000; Retained Earnings $9,000. During the year, the company earned revenue of $5,100, all of which was received in cash, and incurred expenses of $3,050, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,100 to owners. Assume no other activities occurred during the year. The amount of the companies assets at the end of the year is:
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