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What was millikens stockholders equity as of december

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Assume that as of January 1, 2007, Milliken Consulting has total assets of $562,500 and total liabilities of $350,000. As of December 31, 2007, Milliken has total liabilities of $375,000 and total stockholders' equity of $281,250.

(a) What was Milliken's stockholders' equity as of December 31, 2006?

(b) Assume that Milliken did not pay any dividends during 2007. What was the amount of net income for 2007?

Reference no: EM13511966

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