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a. In its first year, its income showed a deficit of $7,100. What would the equity section of its balance sheet show at year end? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Common stock Retained earnings Total Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity $ $ Common stock Retained earnings Total Stockholders' Equity b. In the second year, it had an income of $15,100 and a dividend of $6,100 was paid. What would the equity section of its balance sheet show at year end? $ $ 41000 -7100 33900 $ 33900 9000 c. In the third year, Incubus sold more shares for a value of $20,500, earned income of $12,100, and paid a dividend of $6,100. What would the equity section of its balance sheet show at year end? 42900 42900 26500 69400

a. In its first year, its income showed a deficit of $7,100. What would the equity section of its balance sheet show at year end? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Common stock Retained earnings Total Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity $ $ Common stock Retained earnings Total Stockholders' Equity b. In the second year, it had an income of $15,100 and a dividend of $6,100 was paid. What would the equity section of its balance sheet show at year end? $ $ 41000 -7100 33900 $ 33900 9000 c. In the third year, Incubus sold more shares for a value of $20,500, earned income of $12,100, and paid a dividend of $6,100. What would the equity section of its balance sheet show at year end? 42900 42900 26500 69400

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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a. In its first year, its income showed a deficit of $7,100. What would the equity section of its balance sheet show at year end? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Common stock Retained earnings Total Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity $ $ Common stock Retained earnings Total Stockholders' Equity b. In the second year, it had an income of $15,100 and a dividend of $6,100 was paid. What would the equity section of its balance sheet show at year end? $ 41000 -7100 $ 33900 $ c. In the third year, Incubus sold more shares for a value of $20,500, earned income of $12,100, and paid a dividend of $6,100. What would the equity section of its balance sheet show at year end? 33900 9000 42900 42900 26500 69400
Transcribed Image Text:a. In its first year, its income showed a deficit of $7,100. What would the equity section of its balance sheet show at year end? (Negative answers should be indicated by a minus sign. Omit $ sign in your response.) Common stock Retained earnings Total Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity $ $ Common stock Retained earnings Total Stockholders' Equity b. In the second year, it had an income of $15,100 and a dividend of $6,100 was paid. What would the equity section of its balance sheet show at year end? $ 41000 -7100 $ 33900 $ c. In the third year, Incubus sold more shares for a value of $20,500, earned income of $12,100, and paid a dividend of $6,100. What would the equity section of its balance sheet show at year end? 33900 9000 42900 42900 26500 69400
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