Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000.
Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000. During the year the company earned $90,000 in net income and paid $20,000 in dividends. Total assets at the end of the year were $215,000. How much are total liabilities at the end of the year?
$80,000
$90,000
$105,000
$110,000
Homework Answers
Beginning stockholder equity = 40000
Ending stockholder equity = Beginning stockholder equity + Net income - dividends
= 40000 + 90000 - 20000
= 110000
Assets at end of year = 215000
Liabilities = Assets - STockholder equity
= 215000 - 110000
= 105000
Correct choice C
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