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At the beginning of 2020 Maggie Products had total equity of $231,000. During 2020 Maggie: (1)...

At the beginning of 2020 Maggie Products had total equity of $231,000. During 2020 Maggie: (1) sold $45,000 of common stock, (2) declared and paid dividends of $27,000, (3) earned revenues of $861,300 and (4) incurred expenses of $805,200.

Compute Maggie’s total equity at the end of 2008.

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ReportAnswer #1
Net Income:
Total revenues earned 8,61,300
Less: Total expense incurred 8,05,200
Net Income: 56,100
Total Equity at the end of 2008:
Total Equity in the beginning of 2008 2,31,000
Add: Issuance of Common Stock 45,000
Add: Net Income of the year 56,100
Less: Dividend paid -27,000
Total Equity at the end of 2008: 3,05,100
Answer is $ 305,100
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