a.
Concept Introduction:
The net income or loss when the owner did not invest, and no dividends are paid.
b.
Concept Introduction:
The net income or loss when the owner did not invest, but dividends of $15,000 are paid.
c.
Concept Introduction:
Accounting equation: The relation of assets, liability, and equity is reflected in the accounting equation. Assets are resources a company owns or controls, whereas liabilities are what a company owes to outsiders and equity is the claims of the owners on the assets of the company.
The total net income when the owner makes $55,000 additional investment and no dividends paid.
d.
Concept Introduction:
Accounting equation: The relation of assets, liability, and equity is reflected in the accounting equation. Assets are resources a company owns or controls, whereas liabilities are what a company owes to outsiders and equity is the claims of the owners on the assets of the company.
The net income or loss when the owner did not invest but dividends of $15,000 are paid.
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FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.arrow_forwardFor the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the beginning of the year, its retained earnings had a balance of 95,000. During the year, Vidalia paid 11,000 dividends to shareholders. Its contributed capital was 56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalias assets total 237,500 on December 31 of the current year. What are Vidalias total liabilities on December 31 of the current year?arrow_forwardA company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 61,518 76,140 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 $16,800 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 $16,800 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Assets $ 143,500 188,000 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. Answer is not complete. 81,982✔✓ $ 0✔ 0✔ $ 111,860 b. 81,982 $ 0✔ (16,800) ✔ $ 111,860 $ C.…arrow_forward
- At the beginning of its current fiscal year, Willie Corporations balance sheet showed assets of $ 11, 100 and liabilities of $6,700. During the year, liabilities decreased by $700. Net income for the year was $2,700, and net assets at the end of the year were $4,700. There were no changes in paid - in capital during the year. Required:Calculate the dividends, if any, declared during the year. Indicate the financial statement effect.Note: Enter decreases with a minus sign to indicate a negative financial statement effect.\table[[, Assets, =, Liabilities,+, Stockholders' Equity], [, PIC,\table [[ + ], [ + ]], RE], [Beginning:,, 11, 100, , $, 6, 700, +, S, 0], [Changes: ,,,,, (700), +,, 0, +,], [Changes:], [Ending:,,, | =,,, | +,, 0, +,]] = Beginning: Changes: Changes: Ending: Assets = Liabilities + $ 11,100 = $ 6,700 + (700) + || 3 || Stockholders' Equity RE $ PIC 0 + 0 + 0 +arrow_forwardA company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 55,731 75,330 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 $10,800 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 $10,800 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Assets $ 130,000 186,000 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.arrow_forwardA company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 51,230 64,800 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 $14,400 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 $14,400 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for common stock. Assets $ 119,500 160,000 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. $ $ b. 0 $ 0 $ 0 0 $ $ d. 0 0arrow_forward
- A corporation had the following assets and liabilities at the beginning and end of this year. Liabilities $36, 440 54, 068 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, but dividends were $650 cash per month. 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 were $650 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 Assets $ 85,000 133, 500 Net income (loss) End of the year-Equity a. $ EA b. 0 $ 0 $ 69 0 $ 0 $ d. 0 0arrow_forwardGoldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.arrow_forwardAt the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $12,400 and liabilities of $6,400. During the year, liabilities decreased by $1,400. Net income for the year was $3,050, and net assets at the end of the year were $6,650. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning: Changes: $ 12,400 = $ (750) = 6,400 + (1,400) + $ 0+ $ 6,000 0+ Changes: Ending: $ 11,650 = $ 5,000 + 0+ EA $ 3,050 +Net income (2,400) Dividends 6,650arrow_forward
- A company had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ 112,000 $ 48,014 End of the year 155,500 62,978 Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business, and dividends paid were $10,200 during the year. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. Dividends paid were $10,200 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.)arrow_forwardAssume a company starts operations on 1/1/2013 with an equity investment of $776,750. The companies next 7 years of financial performance are listed below. Assume that the company has no permanent or temporary differences for the first three fiscal years. During fiscal 2016 the company experiences a net operating loss. The marginal corporate tax rates for each year are located on the Income Statement. Calculate taxable income (IRS), taxes payable (IRS)and tax expenses (USGAAP). How should the company accounts for the Net Operating Loss. Provide all Journal Entries & T-Accounts. Create a complete set of financial statements (I/S, SRE, B/S, SCF) for the firm for years 2013 through 2019. INCOME STATEMENT 1/1/13 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 Cash Sales - $776,750 $776,750 $776,750 $119,500 $836,500 $717,000 $746,875 Credit Sales - - - - - - - - Instalment Sales - - - - - -…arrow_forwardIncome Statement Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $13,600; cost of goods sold, $8,300; operating expenses, $3,200; and income tax expense, $630. Assume shareholders owned 500 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year. GOLDFINGER CORPORATION Income Statement For the Year Ended December 31, Current Year Sales revenuearrow_forward
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