(solution) During its first year of operations, Maria Rose set up Roseland

(solution) During its first year of operations, Maria Rose set up Roseland

During its first year of operations, Maria Rose set up Roseland Inc. and invested $25,000 in the corporation. The company earned $68,000 of revenues and incurred $32,000 of expenses. At the end of the year, the company owed $24,000 to its creditors. A cash dividend of $5,000 was paid to Maria. At the end of the year, the company’s assets totaled: