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Nancy Jeffries started her business baking dog treats by investing cash of $970 and during May, its first month of operations, Nancy's Barkery had revenues

Nancy Jeffries started her business baking dog treats by investing cash of $970 and during May, its first month of operations, Nancy's Barkery had revenues of $3030 all of which was collected in cash. She paid her assistant $960 in cash and purchased $200 of supplies on account. The business paid cash dividends of $440. Use the following tabular analysis to determine the total assets and total liabilities and stockholders equity at the end of the month.

Assets

=

Liabilities

+

Stockholders' Equity

Retained Earnings

Cash

+

Supplies

=

Accounts Payable

+

Common Stock

+

Revenue

-

Expenses

-

Dividends

Beg. Bal.

970

970

$2600

$2800

$640

$1630

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