At the beginning of the year, Treasures Company's Balance Sheet reported the following balances: • Total Assets = $195,000 • Total Liabilities = $65,000 • Common Stock = $10,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, dividends during the year totaled $48,000. The company also issued additional common stocks of $10,000 during the year. Assuming no other changes, the amount of Total Equity at the end of the year would be:

At the beginning of the year, Treasures Company's Balance Sheet reported the following balances: • Total Assets = $195,000 • Total Liabilities = $65,000 • Common Stock = $10,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, dividends during the year totaled $48,000. The company also issued additional common stocks of $10,000 during the year. Assuming no other changes, the amount of Total Equity at the end of the year would be:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 21EB: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with...

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