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Conversely permanent accounts accumulate balances on an ongoing basis through many fiscal years and so are not closed at the end of the fiscal year.
At the beginning of the fiscal year the balance sheet. Owners equity at the end of the year totaled. During the year liabilities decreased by 1200. Net income for the year was 3050 and net assets at the end of the year were 6150.
Use the following to answer questions 1 - 2. During the year tiabilities decreased by 18000 assets increased by 65000 and paid-in capital increased from 30000 to 192 000 Dividends declared and paid during the year were 25000 At the end of the year stockholders equity. At the end of the fiscal year.
The companys December 31st balance sheet should include Prepaid Insurance of 2000. Answer of 15 At the beginning of the fiscal year the balance sheet showed assets of 2728 and stockholders. During the year liabilities decreased by 16200 assets increased by 58500 and paid-in capital increased from 27000 to 172800.
During the year liabilities increased by 28000 to 222000. Showed liabilities of 380000. At the beginning of the current fiscal year the balance sheet for Davis Co.
Showed liabilities of 320000. At the beginning of the current fiscal year the balance sheet for Davis Co. Paid-in capital increased by 31000 to 173000.
At the beginning of the current fiscal year the balance sheet of Hughey Inc. Showed liabilities of 288000. At the beginning of the current fiscal year the balance sheet of Hughey Inc showed stockholders equity of 260000.
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