question archive Beginning of Year Assets: $26,000 $18,000 End of Year Liabilities: $62,000 $25,000 1) If the company issues common stock of $5,600 and pay dividends of $39,400, how much is net income (loss)? 2) If net income is $1,700 and dividends are $6,600, how much is common stock? 3) If the company issues common stock of $18,300 and net income is $18,400, how much is dividends? 4) If the company issues common stock of $42,700 and pay dividends of $3,400, how much is net income (loss)?
Beginning of Year Assets: $26,000 $18,000 End of Year Liabilities: $62,000 $25,000 1) If the company issues common stock of $5,600 and pay dividends of $39,400, how much is net income (loss)? 2) If net income is $1,700 and dividends are $6,600, how much is common stock? 3) If the company issues common stock of $18,300 and net income is $18,400, how much is dividends? 4) If the company issues common stock of $42,700 and pay dividends of $3,400, how much is net income (loss)?
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Beginning of Year Assets: $26,000 $18,000
End of Year Liabilities: $62,000 $25,000
1) If the company issues common stock of $5,600 and pay dividends of $39,400, how much is net income (loss)?
2) If net income is $1,700 and dividends are $6,600, how much is common stock?
3) If the company issues common stock of $18,300 and net income is $18,400, how much is dividends?
4) If the company issues common stock of $42,700 and pay dividends of $3,400, how much is net income (loss)?
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Answer:
| Assets (1) | Liabilities (2) | Equity (3) = (1)-(2) | |
| Beginning of year | 26,000 | 18,000 | 8,000 |
| End of year | 62,000 | 25,000 | 37,000 |
| 1) |
| Ending equity = Beginning equity+Common stock issued+Net income-Dividends |
| 37,000 = 8,000+5,600+Net income-39,400 |
| 37,000=Net income-25,800 |
| Net income =62,800 |
| 2) |
| Ending equity = Beginning equity+Common stock issued+Net income-Dividends |
| 37,000 = 8,000+Common stock issued+1,700-6,600 |
| 37,000=Common stock issued+3,100 |
| Common stock issued = 33,900 |
| 3) |
| Ending equity = Beginning equity+Common stock issued+Net income-Dividends |
| 37,000 = 8,000+18,300+18,400-Dividends |
| 37,000=44,700-Dividends |
| Dividends = 44,700-37,000 |
| Dividends = 7,700 |
| 4) |
| Ending equity = Beginning equity+Common stock issued+Net income (loss)-Dividends |
| 37,000 = 8,000+42,700+Net income(loss)-3,400 |
| 37,000=Net income (loss)+47,300 |
| Net loss =10,300 |
