At the beginning of the year, Pharoah Ltd. had total assets of $806,400 and total liabilities of $470,400. Use this information to answer each of the following independent questions. During the year, Pharoah's total liabilities decreased by $112,000. The company reported net income of $100,800, sold additional shares for $140.000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? Assets

At the beginning of the year, Pharoah Ltd. had total assets of $806,400 and total liabilities of $470,400. Use this information to answer each of the following independent questions. During the year, Pharoah's total liabilities decreased by $112,000. The company reported net income of $100,800, sold additional shares for $140.000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? Assets

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 11CDQ: Using the January 1 and December 31, 20Y8, data given in Question 10, answer the following question:...

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