QUESTION 7 The following information was taken from the September financial stat

Question

QUESTION 7 The following information was taken from the September financial statements of the Kokomo Corporation. Determine the dollar amount of the company's total resources at the end of September. Assets, September 30 Common Stock, September 30 Dividends, September 1 through September 30 Expenses, September 1 through September 30 Liabilities, September 30 Retained Earnings, September 30 Revenues, September 1 through September 30 a.$700,000 $700,000 S210,000 S20,000 S320,000 $370,000 S120,000 $400,000 b.$330,000 C.S370,000 o d. $80,000

Explanation / Answer

Answer

700000

total assets = common stock + retained earnings + outside liabilites

= 210000 + 120000 + 370000

= 700000

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