10. Tom Cole was reviewing his business activities at the end of the year (2022)...
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10. Tom Cole was reviewing his business activities at the end of the year (2022) and was analyzing his financial statements. At the beginning of the year his assets were $500,000 and liabilities were $150,000. During 2022 he made an additional investment into the company of $50,000. The net income for the year was $220,000 and dividends of $120,000 were paid. Determine the ending Stockholder's Equity as of December 31, 2022. ARUAH A. B. C. E. $100,000 $450,000 $620,000 $500,000 $800,000 A
Tom Cole was reviewing his business activities at the end of the year (2022) and was analyzing his financial statements. At the beginning of the year his assets were $500,000 and liabilities were $150,000. During 2022 he made an additional investment into the company of $50,000. The net income for the year was $220,000 and dividends of $120,000 were paid. Determine the ending Stockholder's Equity as of December 31, 2022. A. $100,000 B. $450,000 C. $620,000 D. $500,000 E $800000
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