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fari File Edit View HistoryBookmarks Window Help Connect https & newconnect.mheducation.com/flow/connect.htmilconsumer id container Iti&context; id contextid&custom; action C tes Web Slice Gallery Technology Requirements a... Connect Flitter reported net income of $27,000 for the Saved Help Save & Exit s MC Qu. 182 A company reported total equity of. A company reported total equity of $177,000 at the beginning of the year. The company reported $242,000in revenues and $181,000 in expenses for the year. There were no stockholder investments or dividends during the year. Liabilities at the end of the year totaled $108.000. What are the total assets of the company at the end of the year? Multiple Choice $242.000 $108,000 $130.000

Solution

Net Income for the year

= Total Revenue – Expenses

= $242,000 - $181,000

= $ 61,000

As per accounting equation, Assets = Equity + Liabilities

= Opening Equity + Net Income + Liabilities

= $177,000 + $61,000 + $108,000

= $ 346,000

This option is not visible in the above question. So, $ 346,000 is the correct option