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Fed [463]
3 years ago
14

On January 1 of the current year, Jimmy's Sandwich Company reported total stockholders’ equity of $125,000. During the current y

ear, total revenues were $100,000 while total expenses were $89,500. Also, during the current year the company paid $24,000 in dividends. No other changes in equity occurred during the year. The change in total equity during the year was:
Business
1 answer:
Lady bird [3.3K]3 years ago
7 0

Answer: ($13,000)

Explanation:

Closing balance of Equity = Opening Balance + Retained earnings

Retained earnings = Net Income - dividends

Formula above shows that equity changes as a result of Retained earnings which is the net of Net Income and Dividends.

Change in equity will be = Net Income - Dividends

= (100,000 - 89,500) - 24,000

= -$13,500

<em>Equity reduces by $13,500</em>

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