Emmitt had the following final balances after the first year of operations: assets, $36,400; stockholders’ equity, $14,400; dividends, $2,800; and

Emmitt had the following final balances after the first year of operations: assets, $36,400; stockholders’ equity, $14,400; dividends, $2,800; and

Question:

Emmitt had the following final balances after the first year of operations: assets, $36,400; stockholders’ equity, $14,400; dividends, $2,800; and net income, $10,800. What is the amount of Emmitt’s liabilities?

Expert Answer:

Answer rating: 100% (QA)

To find the amount of Emmitt s liabilities you can use the accounting equation A
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