A company had the following assets and liabilities at the beginning and end of this year. Assets $ 105,500 162,000 Liabilities $ 45,228 65,610 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 $6,600 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 $6,600 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: (Decreases in equity should be indicated with a minus sign.)
A company had the following assets and liabilities at the beginning and end of this year. Assets $ 105,500 162,000 Liabilities $ 45,228 65,610 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 $6,600 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 $6,600 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: (Decreases in equity should be indicated with a minus sign.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...
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![A company had the following assets and liabilities at the beginning and end of this year.
Assets
$ 105,500
Liabilities
$ 45,228
65,610
162,000
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 $6,600 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 $6,600 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: (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.
b.
C.
d.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9addbae0-ba9e-4c13-aa6d-66a26e22ed78%2Fc513f7ee-5de7-480a-9fe1-1d7945356e25%2Fswv6yms_processed.png&w=3840&q=75)
Transcribed Image Text:A company had the following assets and liabilities at the beginning and end of this year.
Assets
$ 105,500
Liabilities
$ 45,228
65,610
162,000
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 $6,600 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 $6,600 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: (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.
b.
C.
d.
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