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On January 1, Year 3, New Works, Inc.'s assets were $390,000 and its stockholders' equity was $158,000. During the year, assets increased $24,000 and liabilities

On January 1, Year 3, New Works, Inc.'s assets were $390,000 and its stockholders' equity was $158,000. During the year, assets increased $24,000 and liabilities decreased $28,000.

Required:

Determine the amount of stockholders' equity at December 31, Year 3.

_______________

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Question

On January 1, Year 3, New Works, Inc.'s assets were $390,000 and its stockholders' equity was $158,000. During the year, assets increased $24,000 and liabilities

On January 1, Year 3, New Works, Inc.'s assets were $390,000 and its stockholders' equity was $158,000. During the year, assets increased $24,000 and liabilities decreased $28,000. Required: Determine the amount of stockholders' equity at December 31, Year 3. _______________

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On January 1, Year 3, New Works, Inc.'s assets were $390,000 and its stockholders' equity was $158,000. During the year, assets increased $24,000 and liabilities decreased $28,000.

Required:

Determine the amount of stockholders' equity at December 31, Year 3.

_______________