Jimmy’s Repair Shop started the year with total assets of $150,000 and - 14322

Solution Posted by
yousafbhutta

yousafbhutta

Rating : (28)C
Solution Detail
Price: $0.50
  • From: Business,
  • Posted on: Tue 09 Oct, 2012
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

 

Jimmy’s Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. Stockholders’ equity at the end of the year was

 

$150,000.

 

 

$120,000.

 

 

$180,000.

 

 

$135,000.

Solution Description

 

Jimmy’s Repair Shop started the year with total assets of $150,000 and total liabilities of $120,000. During the year the business recorded $315,000 in revenues, $165,000 in expenses, and dividends of $30,000. Stockholders’ equity at the end of the year was