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    sun44dance's Avatar
    sun44dance Posts: 2, Reputation: 1
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    #1

    Jul 26, 2011, 07:37 AM
    Financial accounting
    Year end financial statement is assets $22,000 common stock $5,000 revenue $11,000 dividends $750 beginning retained earnings $3,750 ending retained earnings $6,000. The amount of liabilities reported on the end of period balance sheet was
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jul 26, 2011, 10:02 AM

    Liabilities = Assets - Owners Equity.

    So first thing you need to do is calculate Owners Equity, then you can calculate your Liabilities.
    sun44dance's Avatar
    sun44dance Posts: 2, Reputation: 1
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    #3

    Jul 27, 2011, 06:22 AM
    So it would be 11,000
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Jul 27, 2011, 06:31 AM

    Common Stock is $5,000
    Ending Retained Earnings is $6,000
    So Ending Owners Equity is $11,000 (5,000 + 6,000)
    Liabilities = Assets of $22,000 - Owners Equity of $11,000
    Liabilities = $11,000
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