The following information pertains to DEF Company, Inc. for the year 2018. Liabilities at the end...
The following information pertains to DEF Company, Inc. for the year 2018.
Liabilities at the end of the year, December 31, 2018 = $1,200
Contributed capital at the end of the year, December 31, 2018 = $700
Beginning retained earnings, January 1, 2018 = $300
Revenue during 2018 = $7,500
Expenses during 2018 = $6,800
Distributions to owners during 2018 = $100
What is the amount of the company's total assets at December 31, 2018?
Homework Answers
| Revenue | 7500 |
| (-) Expenses | 6800 |
| Net income | 700 |
| Beginning retained earnings | 300 |
| (+) Net income | 700 |
| Ending retained earnings | 1000 |
| At December 31, 2018 | |
| Liabilities | 1200 |
| (+) Contributed capital | 700 |
| (+) Ending retained earnings | 1000 |
| Total assets | 2900 |
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