Manhattan Inc. had Assets of $140,000 and Liabilities of $112,000 on January 1. During the year...
- Manhattan Inc. had Assets of $140,000 and Liabilities of
$112,000 on January 1. During the year Liabilities decreased by
$17,500 and the company earned net income of $63,000.
Dividends of $ 20,000 were paid. The balance
of Assets at the end of the year was:
- $220,500
- $185,500
- $165,500 explain equation
- $8,000
- Detroit Holdings Inc. had Assets of $82,000 and Liabilities of
$71,000 on January 1. During the year Assets increased by $20,000
and the company earned net income of $27,000. No dividends were
paid. The balance of Liabilities at the end of the year was:
- $220,500
- $ 64,000 explain equation
- $ 7,000
- $185,500
Homework Answers
Answer-The balance of Assets at the end of the year was = $165500.
Explanation- Assets at the end of the year = Opening balance of Assets –Liabilities paid+ Net income-Cash dividends paid
= $140000-$17500+$63000-$20000
= $165500
Answer- The balance of liabilities at the end of the year was = $64000.
Explanation- Liabilities at the end of the year = Opening balance of Liabilities + Increase in Assets- Net income
= $71000+$20000-$27000
= $64000
Add Answer to:
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