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Problem 1 - At the beginning of 2021, NoleCo had the following balances:
Total Assets $276,800
Total Liabilities 94,200
Common Stock 100,000
Retained Earnings 82,600
During 2021, NoleCo had Net Income of $13,300, declared and paid dividends of $12,900 and sold additional Common Stock for $15,000. At the end of 2021, NoleCo's Total Assets were $284,900.
Required - In order for the accounting equation to balance at the end of the year, what must Total Liabilities be at 12/31/2021?
Problem 2- The following table contains financial information for HeelCo before closing entries:
Cash $12,000
Deferred Revenue 500
Supplies 4,500
Prepaid Rent 2,000
Salaries Expense 10,000
Equipment 65,000
Service Revenue 60,000
Miscellaneous Expense 30,000
Dividends 3,000
Accounts Payable 5,000
Common Stock 68,000
Retained Earnings 8,000
Required - What is HeelCo's net income?
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