Missing information in the accounting equation
As of December 31, 2011, Chepas Company had total assets of $132,000, retained earnings of $79,600, and common stock of $45,000. During 2012 Chepas earned S42.000 of cash revenue, paid $17,500 for cash expenses, and paid a $1,000 cash dividend to the stockholders. Chepas also paid $5,000 to reduce-its debt during 2012.
Required
a. Determine the amount of liabilities at December 31, 2011.
b. Determine the amount of net income earned in 2012.
c. Determine the amount of total assets as of December 31,2012.
d. Determine the amount of total liabilities as of December 31, 2012.
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