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
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 2SEQ: The receipt of $8,000 cash for fees earned was recorded by Langley Consulting as an increase in cash...
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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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