Legacy Company has total assets, liabilities, and shareholders' equity of $30,000, $17,000, and $13,000, respectively at the beginning of 2010.If Legacy reports revenues of $125,000, expenses of $85,000, and pays dividends of $30,000, how much is shareholders' equity at the end of 2010?
A) $23,000
B) $53,000
C) $44,000
D) Not enough information to determine.

Question

Quizplus · Accepted Answer

$13,000 + [$125,000 - $85,000] -$30,000 = $23,000

Legacy Company Has Total Assets, Liabilities, and Shareholders' Equity of $30,000