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Question - Torch of Freedom is a security consulting business. On December 31, 2019, they had assets of $495,000 and liabilities of $97,000. Using the accounting equation, determine the following amounts:
1. Stockholders' equity as of December 31, 2019.
2. Stockholders' equity as of December 31, 2020, assuming that assets decreased by $65,000 and liabilities increased by $36,000 during 2020.
Geronimo files his tax return as a head of household for year 2020. If his taxable income is $72,000, what is his average tax rate? (Use tax rate schedule.)
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Stanley Company has beginning raw materials inventory of $12,000, ending raw materials of $15,000, What is the cost of direct materials used
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