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Emmitt had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; and net income, $10,000. What is the amount of Emmitt's liabilities

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abiolataiwo2015

Answer:

$30,000

Explanation:

Calculation for Emmitt amount of liabilities

Using this formula

Liabilities =Assets -Stockholders's equity

Let plug in the formula

Liabilities =$55,000-$30,000

Liabilities =$30,000

Therefore the amount of Emmitt liabilities will be $30,000

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