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Unformatted text preview: 05 . From 1/31/04 - 1/31/05, total liabilities increased by $4, and total shareholders equity increased by $2. What were total assets as of 1/31/ 04 ? ___________ 3. (1 point) At the end of its first year, E Company reported total assets of $100, total liabilities of $50, and paid-in capital of $40. As of the end of this first year, total shareholders equity = paid-in capital of $40 plus retained earnings of $10, or $50 in total. All of these numbers were $0 as of the beginning of the year. Dividends declared and paid during the first year were $5. What was net income for the year? ___________...
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This note was uploaded on 01/20/2012 for the course ACCOUNTING 101 taught by Professor Unknown during the Spring '08 term at Carnegie Mellon.
- Spring '08