A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year End of the year $119,000 165,000 $51,015 66,825 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $550 cash per month. 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 were $550 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)

A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year End of the year $119,000 165,000 $51,015 66,825 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $550 cash per month. 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 were $550 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)

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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