A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ 57,000 $ 24,436 End of the year 115,000 46,575
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 $1,400 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 $1,400 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.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Smith Company reported pretax book income of $419,000. Included in the computation were favorable temporary differences of $53,800, unfavorable temporary differences of $21,900, and favorable permanent differences of $41,900.
Answers (1)
Selected accounts with some debits and credits omitted are presented as follows: Work in Process Aug. 1 Balance $275,000 31 Direct materials X 31 Direct labor 450,000 31 Factory Overhead X Aug 31 Goods finished $1,030,000 Factory Overhead Aug 1-31
Answers (1)
What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b.
Answers (1)
Jel Co., a consignee, paid the freight costs for goods shipped from Dale Co., a consignor. These freight costs are to be deducted from Jel's payment to Dale when the consignment goods are sold.
Answers (1)
Which of the following is true of a functional structure? a. It reacts quickly to environmental changes. b. It has a strong need for horizontal coordination. c. It often results in hierarchy overload. d. It cannot work in small organizations.
Answers (1)
New Questions in Business
Anyone know these key words? When consumers keep buying the same brand again and again instead of choosing a competitor's brand. The buying and selling of goods and services using computer systems linked to the internet.
Answers (1)
The three main luxury hotels in a major tourist destination keep very close track of their competitors' room pricing, restaurant offerings, tour packages, and special services, such as airport transportation and spa privileges.
Answers (1)
Rayya Co. purchases and installs a machine on January 1, 2018, at a total cost of $151,200. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value.
Answers (1)
Earned value is: Group of answer choices The real budgeted value of the work that has actually been performed to date. The total budget for the project. A cost estimate of the budgeted resources across the project's life cycle.
Answers (1)
Which type of training would be considered vocational training? O training to learn a new hobby O training to prepare for a career O training to improve one's health training to improve relationships
Answers (1)