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shepuryov [24]
3 years ago
12

Lakeland Consulting started the year with total assets of $30,000 and total owner's equity of $20,000. During the year a) assets

increased by $20,000, b) the business recorded $45,000 in revenues, c) the business recorded $30,000 in expenses, and d) the owner withdrew $5,000 for personal use. Liabilities at the end of the year were:
Business
1 answer:
kicyunya [14]3 years ago
8 0

Answer:

Liabilities at the end of the year were: $15,000.

Explanation:

Using the Accounting Equation : Assets = Equity + Liability

Then we know that,

Liability = Assets - Equity

Opening Balance of Liabilities ( $30,000 - $20,000)               = $10,000

Adjustment during the year ($20,000 - ($45,000 - $30,000)) = $5,000

Ending Balance of Liability                                                          = $15,000

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Raphael Corporation’s common stock is currently selling on a stock exchange at $157 per share, and its current balance sheet sho
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Answer:

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Which sphere is made of rock layers from the surface to the core?
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<span>Crust  
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<span>Mantle 
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<span>Outer Core 
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<span>Traveling deeper within the Earth, we next would encounter the Earth’s outer core, which extends to a depth of around 3000 miles beneath the surface. It is believed that this outer core is made up of super-heated liquid molten lava. This lava is believed to be mostly iron, and nickel.
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<span>Inner Core 
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<span>Ultraviolet  radiation that eats away at the ozone layer
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