Xavier had the following ending balances after the first year of operations: assets, $33,400; stockholders' equity,...
Xavier had the following ending balances after the first year of operations: assets, $33,400; stockholders' equity, $18,000; dividends, $1,700; and net income, $30,500. What is the amount of Xavier's liabilities?
Homework Answers
Ending assets = $36,800
Ending stockholders equity = $13,700
Ending liabilities = Ending assets - Ending stockholders equity
= 36,800-13,700
= $23,100
First option is correct option.
Note: Since ending stockholders equity is given, hence there is no use of dividends and net income.
Kindly comment if you need further assistance. Thanks‼!
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