55% ))-Sun 5:44 PM a Pearson ACT-C it/1 Assets Liabilities Beginning of Year: $2

Question

55% ))-Sun 5:44 PM a Pearson ACT-C it/1 Assets Liabilities Beginning of Year: $27,000 19,000 Ac End of Year: $29.000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity Ending Equity 3) If the company issues common stock of $7,900 and pay dividends of $37,300, how much is net income (loss)? 4) If net income is $1,600 and dividends are $6,800, how much is common stock? n e Common Stock Net Income (Loss) 5) If the company issues common stock of $18,300 and net income is $17,000, how much is dividends? 6) If the company issues common stock of $43,600 and pay dividends of $4,100, how much is net income (loss)? Is Dividends Net Income (Loss)

Explanation / Answer

Req 1: beginning Equity: Total Assets 27000 Less: Liabilities -19000 Equity in the beginning 8000 Req 2: Equity at the end; Total assets at the end 60,000 Less: liabilities at end -29000 Equity at end 31000 Req 3: Net Income for the year: Ending Equity: 31000 Less: issue of stock -7900 Add: Dividend paid 37300 Less: Beginning Equity -8000 Net Income for the year: 52400 Req4: Common Stock Issue: Ending equitty 31000 Less: Net Income -1600 Add: Dividend paid 6800 less: beginning Equity -8000 Common Stock issue 28200 Req 5: Dividend paid: Ending Equity 31000 Less: Net income -17000 Less: Common stock issued -18300 Less: Beginning Equity -8000 Dividend paid: -12300 Req 6: Net income for the year Ending Equity: 31000 Less: issue of stock -43600 Add: Dividend paid 4100 Less: Beginning Equity -8000 Net loss for the year -16500

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