Emmitt Had the Following Final Balances After the First Year

question 108

Multiple Choice

Emmitt had the following final balances after the first year of operations: assets,$55,000;stockholders' equity,$25,000;dividends,$3,000;and net income,$10,000.What is the amount of Emmitt's liabilities?

• A)$55,000.
• B)$30,000.
• C)$13,000.

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