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On January 1, a company had these assets, liablilities, and equity Cash $100 Inventory $140 Accounts payable $70 Paid In Capital $150 Retained Earnings $20
On January 1, a company had these assets, liablilities, and equity
Cash $100
Inventory $140
Accounts payable $70
Paid In Capital $150
Retained Earnings $20
During the year, the company entered into the following transactions:
-sold inventory costing $140 for a total of $200; cash of $30 was received and the remaining $170 was put on account
-paid cash for rent of $45
-paid cash dividends of $10
What is the companies total equity at the end of the year?
(is there a formula for this?)
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