A company had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $ 105,500 162,000 Liabilities $45,228 65,610 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 company had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $ 105,500 162,000 Liabilities $45,228 65,610 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
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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Beginning of the year $ 91,500 $ 39,226 End of the year 146,000 59,130 Owner made no investments in the business, and no withdrawals were made during the year. Owner made no investments in the business, but did withdraw $11,400 during the year. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash. Owner withdrew $11,400 during the year, but the owner did invest an additional $35,000 cash near year-end. 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.
Transcribed Image Text:A company had the following assets and liabilities at the beginning and end of this year.
Beginning of the year
End of the year
Assets
$ 105,500
162,000
Liabilities
$ 45,228
65,610
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
b.
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