Pearson ACT Corpcrations-Microsoft Edge f Accounting Cycle Tutorial Step 1: Acco

Question

Pearson ACT Corpcrations-Microsoft Edge f Accounting Cycle Tutorial Step 1: Account Balances O O O Balancing the Expanded Accounting Equation Glossary HINT Activity 4.b Using the Lxpanded Accounting Euation Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assels Liabilities Beginning of Year: 516,000 End of Year 502 000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Deginning Equity 11000 Ending Equity 38000 4) If net income is $3,300 and dividends are $7,900, how much is common stock? 3) If the company issues common stock of S7,200 and pay dividends of $40,500, how much is net income (loss)? Common Stock Net Income (Loss) 60300 5) If the company issues common stock of S16,200 and net income is $16,100, how much is dividends? 6) If the company issues common stock of $41,400 and pay dividends of $4,900, how much is net income (loss)? Dividends Net Income (Ioss 6350D 4:15 PM O Type here to search ^JC 3/10/2018

Explanation / Answer

Equity: Beginning End Total Assets 27000 63000 Total Liabilties 16000 25000 Equity: 11000 38000 (Total assets- Total liabilities) Req 1: Beginning Equity: $ 11,000 Req 2: Ending Equity: $ 38,000 Req 3: Beginning Equity: 11000 Add: Issue of stock 7200 Less: Dividend -40500 Equity which should have been -22300 Less: Ending Equity -38000 Net Income for the year 60300 Req 4: Beginning Equity: 11000 Add: Net icnome 3300 Less: Dividend -7900 Equity which should have been 6400 Less: Ending Equity -38000 Common Stock issued 31600 Req 5: Beginning Equity: 11000 Add: Net icnome 16100 Add: Issue off common stock 16200 Equity which should have been 43300 Less: Ending Equity -38000 Dividend paid 5300 Req 6: Beginning Equity: 11000 Add: Issue of stock 41400 Less: Dividend -4900 Equity which should have been 47500 Less: Ending Equity -38000 Net loss during the year -9500

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