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$6,000. Wh a minus sign. Or $ 30000 -6000 $ 24000 00 and a dividend 30000 22000 for a value of $15.000 show at year end?

$6,000. Wh a minus sign. Or $ 30000 -6000 $ 24000 00 and a dividend 30000 22000 for a value of $15.000 show at year end?

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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Incubus Corporation began with an investment by shareholders of $30,000. a. In its first year, its income showed a deficit of $6,000. 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 b. In the second year, it had income of $17,000 and a dividend of $5,000 was paid. What would the equity section of its balance sheet show at year end? $ Common stock Retained earnings Total Stockholders' Equity 30000 -6000 S 24000 e. In the third year, Incubus sold more shares for a value of $15,000, earned income of $11,000, and paid a dividend of $5,000. What would the equity section of its balance sheet show at year end? S 30000 22000 20000
Transcribed Image Text:Incubus Corporation began with an investment by shareholders of $30,000. a. In its first year, its income showed a deficit of $6,000. 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 b. In the second year, it had income of $17,000 and a dividend of $5,000 was paid. What would the equity section of its balance sheet show at year end? $ Common stock Retained earnings Total Stockholders' Equity 30000 -6000 S 24000 e. In the third year, Incubus sold more shares for a value of $15,000, earned income of $11,000, and paid a dividend of $5,000. What would the equity section of its balance sheet show at year end? S 30000 22000 20000
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