Precision Camera Services started the year with total assets of $120,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $70,000. What is the amount of stockholders' equity at the end of the year? A. $75,000 B. $120,000 C. $70,000 D. $50,000
Precision Camera Services started the year with total assets of $120,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $70,000. What is the amount of stockholders' equity at the end of the year? A. $75,000 B. $120,000 C. $70,000 D. $50,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 53E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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Precision Camera Services started the year with total assets of $120,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $70,000. What is the amount of
A. $75,000
B. $120,000
C. $70,000
D. $50,000
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