Net Income and Stockholders' Equity for Four Businesses Four different corporations, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: Total Assets Total Liabilities Beginning of the year $94,400 $151,000 $37,800 $63,400 End of the year On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Cancer: No additional common stock was issued, and no dividends were paid. Libra: No additional common stock was issued, but dividends of $6,500 were paid. Additional common stock of $22,100 was issued, but no dividends were paid. Additional common stock of $19,500 was issued, and dividends of $7,400 were paid. Sagittarius: Virgo: Enter all amounts as positive numbers.
Net Income and Stockholders' Equity for Four Businesses Four different corporations, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: Total Assets Total Liabilities Beginning of the year $94,400 $151,000 $37,800 $63,400 End of the year On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Cancer: No additional common stock was issued, and no dividends were paid. Libra: No additional common stock was issued, but dividends of $6,500 were paid. Additional common stock of $22,100 was issued, but no dividends were paid. Additional common stock of $19,500 was issued, and dividends of $7,400 were paid. Sagittarius: Virgo: Enter all amounts as positive numbers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Net Income and Stockholders' Equity for Four Businesses
Four different corporations, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of
stockholders' equity, are summarized as follows:
Total Assets Total Liabilities
Beginning of the year
$94,400
$151,000
$37,800
$63,400
End of the year
On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year.
(Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.)
Cancer:
No additional common stock was issued, and no dividends were paid.
Libra:
No additional common stock was issued, but dividends of $6,500 were paid.
Additional common stock of $22,100 was issued, but no dividends were paid.
Additional common stock of $19,500 was issued, and dividends of $7,400 were paid.
Enter all amounts as positive numbers.
Sagittarius:
Virgo:
Cancer
Libra
Sagittarius
Virgo
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