President Corporation started business at the beginning of the year, with assets of $2,000,000 and equity of $1,130,000. By the end of the year, assets increased by $200,000 and liabilities decreased by $300,000. Other than net income or loss, the only change in equity was dividends of $100,000.

Question

Quizplus · Accepted Answer

The Answer of President Corporation started business at the beginning of the year, with assets of $2,000,000 and equity of $1,130,000. By the end of the year, assets increased by $200,000 and liabilities decreased by $300,000. Other than net income or loss, the only change in equity was dividends of $100,000.

President Corporation Started Business at the Beginning of the Year