On May1, 2011, ChicklaCorporation's balance sheet had the following informationavailable: Total Assets $500,000 Total Liabilities $400,000 TotalStockholders'
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Question:
On May1, 2011, ChicklaCorporation's balance sheet had the following informationavailable:
Total Assets
$500,000
Total Liabilities
$400,000
TotalStockholders' Equity
$100,000
During the month ofMay, Chickla Corporation earned revenues of$120,000 and incurred expenses of$30,000. Dividends declared during May were$20,000. The dividends will be paid in June. No other capital transactions occurred. What amount did ChicklaCorporation's totalstockholders' equity increase by inMay?
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