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Question: Assume that as of January 1, 2007, Milliken Consulting has total assets of $562,500 and total liabilities of $350,000. As of December 31, 2007, Milliken has total liabilities of $375,000 and total stockholders' equity of $281,250.

(a) What was Milliken's stockholders' equity as of December 31, 2006?

(b) Assume that Milliken did not pay any dividends during 2007. What was the amount of net income for 2007?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92335116

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