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Problem 1: For the current accounting year, the beginning and ending total liabilities were $15,000 and $31,000, respectively. At year-end, the owner's equity amounted to $29,000, and total assets were $21,000 larger than at the beginning of the year. If the common stock sold to owners during the year amounted to $5,000 and dividends paid to owners totaled $2,000, net income or net loss for the year was:
A. $10,000 net loss
B. $ 5,000 net income
C. $ 2,000 net income
D. $10,000 net income
E. none of the above are correct
Scale Company sells merchandise on account for $2,500 to Reata Company with credit terms of 3/10, n/60. What entry does Scale Company make
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Depreciation for these accounts in one month? Is it just 8,000/12 and 6,160/12? Accumulated Depreciation - Motor Vehicle depreciation expense for motor vehicle
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