Question
The December 31, 2017 year-end financial statements of KPMG contained the following items: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue =
The December 31, 2017 year-end financial statements of KPMG contained the following items: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600. Based on the information above, the amount of liabilities reported was:
$20,800. $13,150. $24,850. None of the choices are correct. $11,150.
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Financial Accounting
Authors: Robert K. Eskew, Daniel L. Jensen
5th Edition
0070213550, 978-0070213555
