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Owner made no investments in the business, and no dividends were paid during the year. - Owner made no investments in the business, but dividends were $1,250 cash per month. - No dividends were paid during the year, but the owner did invest an additional $55,000 cash in exchange for common stock. - Dividends were $1,250 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. etermine the net income earned or net loss incurred by the business during the year for each of the above separate cases: Decreases in equity should be indicated with a minus sign.) eginning of the year-Equity 60.000 $ 60,000 $ 60,000 $ d. 60.000

Owner made no investments in the business, and no dividends were paid during the year. - Owner made no investments in the business, but dividends were $1,250 cash per month. - No dividends were paid during the year, but the owner did invest an additional $55,000 cash in exchange for common stock. - Dividends were $1,250 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. etermine the net income earned or net loss incurred by the business during the year for each of the above separate cases: Decreases in equity should be indicated with a minus sign.) eginning of the year-Equity 60.000 $ 60,000 $ 60,000 $ d. 60.000

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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a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,250 cash per month. c. No dividends were paid during the year, but the owner did invest an additional $55,000 cash in exchange for common stock. d. Dividends were $1,250 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (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 $ 60,000 $ 69,000 $ b. 60,000 $ (15,000) 69,000 $ 60,000 $ 55,000 69,000 $ d. 60,000 35,000 (15,000) 69,000 4
Transcribed Image Text:a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,250 cash per month. c. No dividends were paid during the year, but the owner did invest an additional $55,000 cash in exchange for common stock. d. Dividends were $1,250 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (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 $ 60,000 $ 69,000 $ b. 60,000 $ (15,000) 69,000 $ 60,000 $ 55,000 69,000 $ d. 60,000 35,000 (15,000) 69,000 4
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