Golden Enterprises started the year with the following: Assets $115,000; Liabilities $40,000; Common Stock $70,000; Retained...
Golden Enterprises started the year with the following: Assets
$115,000; Liabilities $40,000; Common Stock $70,000; Retained
Earnings $5,000. During the year, the company earned revenue of
$6,100, all of which was received in cash, and incurred expenses of
$3,550, all of which were unpaid as of the end of the year. In
addition, the company paid dividends of $2,100 to owners. Assume no
other activities occurred during the year.
The amount of Golden's liabilities at the end of the year is:
Homework Answers
Amount of Liabilities at the end of year = Beginning Liabilities + Unpaid Expenses
Amount of Liabilities at the end of year = 40000 + 3550 = $ 43550
Answer is $ 43550
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