At the end of 2013, Crandall Company reported the following amounts on its balance sheet: Cash $8,100 Accounts receivable 32,400 Equipment 26,000 Land 120,000 Accounts payable 31,500 Common stock 95,000 Retained earnings 60,000 Answer each of the following independent questions: Assume that Crandall’s stockholders’ equity on January 1, 2013 was $132,000. Crandall did not issue common stock during the year, but it paid $18,000 cash in dividends. How much is Crandall’s net income or loss for 2013? Assume that Crandall’s stockholders’ equity on January 1, 2013 was $118,000, and that Crandall issued additional common stock of $35,000 and paid $30,000 in cash dividends before the end of 2013. What was Crandall’s net income or net loss for 2013?
At the end of 2013, Crandall Company reported the following amounts on its balance sheet: Cash $8,100 Accounts receivable 32,400 Equipment 26,000 Land 120,000 Accounts payable 31,500 Common stock 95,000 Retained earnings 60,000 Answer each of the following independent questions: Assume that Crandall’s stockholders’ equity on January 1, 2013 was $132,000. Crandall did not issue common stock during the year, but it paid $18,000 cash in dividends. How much is Crandall’s net income or loss for 2013? Assume that Crandall’s stockholders’ equity on January 1, 2013 was $118,000, and that Crandall issued additional common stock of $35,000 and paid $30,000 in cash dividends before the end of 2013. What was Crandall’s net income or net loss for 2013?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
30.
- At the end of 2013, Crandall Company reported the following amounts on its
balance sheet :
|
Cash |
$8,100 |
|
|
32,400 |
|
Equipment |
26,000 |
|
Land |
120,000 |
|
Accounts payable |
31,500 |
|
Common stock |
95,000 |
|
|
60,000 |
Answer each of the following independent questions:
- Assume that Crandall’s
stockholders’ equity on January 1, 2013 was $132,000. Crandall did not issue common stock during the year, but it paid $18,000 cash in dividends. How much is Crandall’s net income or loss for 2013? - Assume that Crandall’s stockholders’ equity on January 1, 2013 was $118,000, and that Crandall issued additional common stock of $35,000 and paid $30,000 in cash dividends before the end of 2013. What was Crandall’s net income or net loss for 2013?
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