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What would the net income/loss be for the year using the following information?  Please explain your calculations used to get your numbers.   Jan. 1, 2017 total assets                                           $150,000 Dec.31, 2017 total assets                                        $175,000   Jan. 1, 2017 total liabilities                                      $35,000 Dec. 31, 2017 total liabilities                                  $145,000   Dividends declared for year                                    $25,000 Dividends paid out for the year                              $37,500 No Par Common Stock Sold during year               $10,000

What would the net income/loss be for the year using the following information?  Please explain your calculations used to get your numbers.   Jan. 1, 2017 total assets                                           $150,000 Dec.31, 2017 total assets                                        $175,000   Jan. 1, 2017 total liabilities                                      $35,000 Dec. 31, 2017 total liabilities                                  $145,000   Dividends declared for year                                    $25,000 Dividends paid out for the year                              $37,500 No Par Common Stock Sold during year               $10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What would the net income/loss be for the year using the following information?  Please explain your calculations used to get your numbers.

 

Jan. 1, 2017 total assets                                           $150,000

Dec.31, 2017 total assets                                        $175,000

 

Jan. 1, 2017 total liabilities                                      $35,000

Dec. 31, 2017 total liabilities                                  $145,000

 

Dividends declared for year                                    $25,000

Dividends paid out for the year                              $37,500

No Par Common Stock Sold during year               $10,000

 

 

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