At the beginning of 2020 Maggie Products had total equity of $231,000. During 2020 Maggie: (1) sold $45,000 of common stock, (2) declared and paid dividends of $27,000, (3) earned revenues of $861,300 and (4) incurred expenses of $805,200.
Compute Maggie’s total equity at the end of 2008.
Net Income: | |||||
Total revenues earned | 8,61,300 | ||||
Less: Total expense incurred | 8,05,200 | ||||
Net Income: | 56,100 | ||||
Total Equity at the end of 2008: | |||||
Total Equity in the beginning of 2008 | 2,31,000 | ||||
Add: Issuance of Common Stock | 45,000 | ||||
Add: Net Income of the year | 56,100 | ||||
Less: Dividend paid | -27,000 | ||||
Total Equity at the end of 2008: | 3,05,100 | ||||
Answer is $ 305,100 | |||||
At the beginning of 2020 Maggie Products had total equity of $231,000. During 2020 Maggie: (1)...
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