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A company had the following assets and liabilities at the beginning and end of this year. Assets $ 115,000 Liabilities $ 49,301 69,863 172,500 Beginning of the year End of the year a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stoc d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchan for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments a. $ b. 0 $ C. 0 $ d. 0

A company had the following assets and liabilities at the beginning and end of this year. Assets $ 115,000 Liabilities $ 49,301 69,863 172,500 Beginning of the year End of the year a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stoc d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchan for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments a. $ b. 0 $ C. 0 $ d. 0

FINANCIAL ACCOUNTING
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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Only do the net income (loss)
es Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 49,301 69,863 Beginning of the year End of the year Assets $ 115,000 172,500 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments Dividends Net income (loss) End of the year-Equity a. $ $ b. 0 $ (12,600) 0 $ C. 0 S 45,000 0 $ d. 0 35,000 (12,600)
Transcribed Image Text:es Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 49,301 69,863 Beginning of the year End of the year Assets $ 115,000 172,500 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments Dividends Net income (loss) End of the year-Equity a. $ $ b. 0 $ (12,600) 0 $ C. 0 S 45,000 0 $ d. 0 35,000 (12,600)
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