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The net income for the year was 199000 and the owner had

Question - During the year, Chester Company's assets decreased by $137,000 to a year end balance of $800,000. The year end balance of owner's equity was $510,000. The net income for the year was $199,000 and the owner had withdrawn $50,000 without making any investments. What was the amount of liabilities on January 1?

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Accounting Basics: The net income for the year was 199000 and the owner had

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Accounting Basics: The net income for the year was 199000 and the owner had

Reference No:- TGS02870308

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