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Before closing entries were recorded at the end of the accounting period (December 31, 2005), the following data were taken from the accounts of Buynow Corporation:

The total amount of owners' equity that should be reported on the balance sheet dated December 31, 2005, after all the closing entries, is:

a) $ 338,000.

b) $128,000.

c) $300,000.

d) $304,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941218

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