ok nt nt ences Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Assets $ 88,500 Liabilities $ 37,940 58,725 145,000 Beginning of the year End of the year a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments Dividends Net income (loss) End of the year-Equity a. $ 84,267 $ 29,675 $113,942 3 b. 84,267 $ (13,800) 42,475 0 $ < Prev C. 84,267 $ 45,000 113,942 0 $ 8 of 8 d. 84,267 35,000 (13,800) 8,475 0 Next

ok nt nt ences Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Assets $ 88,500 Liabilities $ 37,940 58,725 145,000 Beginning of the year End of the year a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, and dividends paid were $12,600 during the year. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. d. Dividends paid were $12,600 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases: Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equity Owner investments Dividends Net income (loss) End of the year-Equity a. $ 84,267 $ 29,675 $113,942 3 b. 84,267 $ (13,800) 42,475 0 $ < Prev C. 84,267 $ 45,000 113,942 0 $ 8 of 8 d. 84,267 35,000 (13,800) 8,475 0 Next

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Description: okntntencesExercise 2-24 (Algo) Computing net income LO P1A company had the following assets and liabilities at the beginning and end of this year.Assets$ 88,500Liabilities$ 37,94058,725145,000Beginning of the yearEnd of the yeara. Owner made no inv

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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