At the beginning of the year, Morrison Corporation had liabilities of $75,000. During the year, assets increased by $95,000, and at year-end, total assets equalled $210,000. Liabilities decreased by $12,000 during the year. What are the beginning and ending amounts of equity?
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What are the beginning and ending amounts of equity for this financial accounting question?
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- What must have been the net income for the year?Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %At the beginning of the year, Lexington Corporation had total assets of $920,000 and total liabilities of $580,000. During the year, total liabilities increased by $120,000, and stockholders' equity decreased by $80,000. What is the amount of total assets at the end of the year?
- At the beginning of the year, Keller Company's liabilities equal $55,000. During the year, assets increase by $85,000, and at year-end assets equal $190,000. Liabilities decrease by $10,000 during the year. What is the beginning and ending amounts of equity?At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $436,000. During the year, liabilities decreased by $76,000; assets increased by $158,000; and paid-in capital increased by $17,000 to $377,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $757,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Beginning Changes Ending Stockholders' Equity PIC RE Assets Liabilities + $436,000 (76,000) + 17,000 158,000 = + $ 377,000 + $757,000 SEAt the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $288,000. During the year, labilmes decreased by $16,200, assets increased by $58,500, and paid-in capital increased from $27,000 to $172,800 Dividends declared and paid during the year were $22,500. At the end of the year, stockholders' equity totaled $386,100 Required: a. Calculate net income (or loss) for the year. Indicate the financial statement effect Complete this question by entering your answers in the tabs below. Required A1 Required A2 Calculate net income (or loss) for the year. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning $599,000 Changes 58.500 Changes Ending S657,900 Stockholders' Equity Liabilities $ 280,000+ (16,200) RE 284,400 48.600 Not loss 22.500 [Dividends $271,800+ $ 172.800 $ 213,300 ($386,100 total SE) PIC $ 27,000+$ 145.800+
- At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $640,000. During the year liabilities decreased by $36,000, assets increased by $130,000, and paid-in capital increased from $60,000 to $384,000. Dividends declared and paid during the year were $50,000. At the end of the year, stockholders' equity totaled $858,000. Calculate net income (or loss) for the year.Superior has provided the following information for its recent year of operation: The common stock account balance at the beginning of the year was $12,000 and the year-end balance was $16,000. The additional paid-in capital account balance increased $3,700 during the year. The retained earnings balance at the beginning of the year was $70,000 and the year-end balance was $91,000. Net income was $38,000. How much were Superior's dividend declarations during its recent year of operation? Multiple Choice $59,000. $17,000. The dividend declarations cannot be determined given the above information. $38,000.At the beginning of the year, Norwood Pass Industries had $240,000 in total assets and a debt-to-assets ratio of 0.5 or 50%. During the year, Norwood's assets increased by $80,000, and its liabilities increased by $72,000. What is the debt-to-assets ratio at the end of the year? Multiple Choice 0.4 or 40% 0.6 or 60% 1.7 or 170% 0.9 or 90%
- At the beginning of the year, Crane Ltd. had total assets of $710,000 and total liabilities of $400,000. If Crane's total assets decreased by $90,000 during the year and shareholders' equity increased by $125,000, what is the amount of total liabilities at the end of the year?How much was miller net income for the year?At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $527,000. During the year, liabilities increased by $24,000 to $239,000; paid-in capital increased by $33,000 to $178,000; and assets increased by $250,000. Dividends declared and paid during the year were $59,000.Required:Calculate net income or loss for the year.