A certain company began the year with total assets of $10,000,000 and total liabilities of $6,200,000.No additional stock was issued during the year.Use the accounting equation to answer the following questions.
A)What was the amount of Total Assets at the end of the year if Liabilities decreased by and Stockholders' Equity increased by ?
B)Was the company profitable? Explain your answer.
Correct Answer:
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B) Yes, the company was pro...
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