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Golden Enterprises started the year with the following: Assets $125,000; Liabilities $42,500; Common Stock $72,500; Retained Earnings $10,000. During the year, the company earned revenue
Golden Enterprises started the year with the following: Assets $125,000; Liabilities $42,500; Common Stock $72,500; Retained Earnings $10,000. During the year, the company earned revenue of $6,600, all of which were received in cash, and incurred expenses of $3,800, all of which were unpaid as of the end of the year. In addition, the company paid cash dividends of $2,600 to owners.
Find the amount of the company's assets at the end of the year.
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