226. The accounts of Mason Company at the end of the past year report the following amounts:
AccountsAmount
Dividends…….$15,500
Revenues……………………………$97,000
Expenses…………………………….$43,800
Common stock………….....2,000
If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.
227. Cornelia’s Closet has the following account balances for the dates given:
October 1October 31
Cash............................$40,00060,000
Accounts Receivable................40,00038,000
Accounts payable..................6,000?
Also, its net income, for October 1 through October 31 was $20,000 and there were no investments or withdrawals by the owner. Determine the equity at both October 1 and October 31.