A corporation had the following assets and liabilities at the beginning and end of this year. Liabilities $ 36, 440 54, 068 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, but dividends were $650 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 $650 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Assets $ 85,000 133, 500 Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases. (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 $ EA $ 69 b. 0 $ 0 $ 0 $ 0 $ d. 0

A corporation had the following assets and liabilities at the beginning and end of this year. Liabilities $ 36, 440 54, 068 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, but dividends were $650 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 $650 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Assets $ 85,000 133, 500 Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases. (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 $ EA $ 69 b. 0 $ 0 $ 0 $ 0 $ d. 0

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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