Terps Company’s Total Assets on January 1, 2018 were $270,000, and on December 31, 2018, were $310,000. Its total liabilities on January 1, 2018 were $125,000, and on December 31, 2018, were $130,000. During the year 2018, sales revenues were $85,000, and cash dividends paid were $10,000. What were the company’s total expenses for 2018?How exactly do I determine the total expenses from this?

Expenses: Expenses are referred to as the cost of doing business. It is the cost incurred by a…

Answered: Terps Company’s Total Assets on January…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Terps Company’s Total Assets on January 1, 2018 were $270,000, and on December 31, 2018, were $310,000. Its total liabilities on January 1, 2018 were $125,000, and on December 31, 2018, were $130,000. During the year 2018, sales revenues were $85,000, and cash dividends paid were $10,000. What were the company’s total expenses for 2018?

How exactly do I determine the total expenses from this?

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