Dunn,Inc,Started the Year with Total Assets of $1,400,000 and Total

question 154

Essay

Dunn,Inc.,started the year with total assets of $1,400,000 and total liabilities of $240,000.Net income for the year is $1,000,000 and dividends declared and paid during the year are $450,000.
A) What is the amount of Durn's total shareholders' equity at the end of the year?
B) Could Dunn have paid additional dividends during the year? Exglain your answer.

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