Net income for the year was 175000 and net assets at the, Ask an Expert

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At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $675,000 and Liabilities of $525,000. During the year, liabilities decreased by $35,000. Net Income for the year was $175,000, and net assets at the end of the year were $193,000. There were no changes in paid-in capital during the year.

a) find out the dividends, if any, declared during the year.

b) find out the total assets at the end of the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941431

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