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Assets= Liabilities+ Stockholders Equity Beginning $54,000= +$30,000 +$24,000 Changes ? ? ? ? Ending ? Total Assets were $54,000 and total liabilities were $30,000 at
Assets= | Liabilities+ | Stockholders Equity | |||
---|---|---|---|---|---|
Beginning | $54,000= | +$30,000 | +$24,000 | ||
Changes | ? | ? | |||
? | ? | ||||
Ending | ? |
Total Assets were $54,000 and total liabilities were $30,000 at the beginning of the year. Net income for the year was $9,500, and dividends of $3,500 were declared and paid during the year. Required: Calculate total stockholders equity at the end of the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
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