Wolfe Co was incorporated on July 1 . 2014, with $200,000 from the issuance of stock and borrowed funds of $30,000 . During the first year of operations, net income was $10,000 . On December 15, Wolfe paid an $800 cash dividend. No additional activities affected owners' equity in 2014 . At December 31 . 2014, Wolfe's liabilities had increased to $37,600 . In Wolfe's December 31 . 2014, balance
sheet, total assets should be reported at
a. $239,200.
b. $240,000.
c. $246,800.
d. $276,800.
C
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Emily Holmes owns and operates a large antique shop. She uses the specific identification method to account for transactions that affect inventory. Holmes recently completed a physical inventory of the merchandise in her shop as part of her year-end
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A) incorporator B) promoter C) articles drafter D) negotiator
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