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Gibby Company has the following end of period account balances (except for retained earnings; its balance shown is the beginning balance): Accounts payable: $ 15,000
Gibby Company has the following end of period account balances (except for retained earnings; its balance shown is the beginning balance): Accounts payable: $ 15,000 Accounts receivable: $ 25,000 Accumulated depreciation: $ 70,000 Buildings and equipment: $ 300,000 Cash: $ 10,000 Common stock: $ 60,000 Cost of goods sold expense: $ 120,000 ..Depreciation expense: $ 20,000 Dividends: $ 45,000 Long-term notes payable: $ 80,000 Prepaid insurance: $ 35,000 Retained earnings (beginning balance): $125,000 Service revenue: $ 250,000 Unearned revenue: $ 25,000 Wage expense: $ 70,000 How much is net income? Answer: 15,000 How much are ending retained earnings? Answer: 95,000 How much are current assets? Answer: 370,000 How much are current assets? Answer: 370,000 How much are total assets? Answer: 40,000 How much is total stockholders' equity? Answer: 330,000
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