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Golden Enterprises started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,000. During the year, the company earned revenue
Golden Enterprises started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year.
The amount of Golden's assets at the end of the year is:
Multiple Choice
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$109,400.
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$111,600.
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$112,600.
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$108,000.
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