Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800. Required: Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
Applying the Fundamental Accounting Equation At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800. Required: Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 5P: Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of...
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Applying the Fundamental
At the beginning of 2019, KJ Corporation had total assets of $554,000, total liabilities of $261,800, common stock of $139,300, and retained earnings of $152,900. During 2019, KJ had net income of $225,200, paid dividends of $74,400, and issued additional common stock for $93,900. KJ's total assets at the end of 2019 were $721,800.
Required:
Calculate the amount of liabilities that KJ must have at the end of 2019 in order for the balance sheet equation to balance.
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