Sheridan, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. In completing the engagement, Sheridan pays no costs in March, $2,590 in April, and $3,090 in May (incurred in April).
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If Wren Co. started the year with $50,000 in assets and $30,000 in liabilities, then it recorded $90,000 in revenues, $60,000 in expenses, and dividends of $10,000, what would Stockholders' Equity be at the end of the year?
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