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  3. beginning of year assets: $26,000 $18,000 end of y

Beginning of Year Assets: $26,000 $18,000 End of Year Liabilities: $62,000 $25,000 3) If the company issues...

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Accounting

Beginning of Year Assets: $26,000 $18,000

End of Year Liabilities: $62,000 $25,000

3) If the company issues common stock of $5,600 and paydividends of $39,400, how much is net income (loss)?

4) If net income is $1,700 and dividends are $6,600, how much iscommon stock?

5) If the company issues common stock of $18,300 and net incomeis $18,400, how much is dividends?

6) If the company issues common stock of $42,700 and paydividends of $3,400, how much is net income (loss)?

Answer & Explanation Solved by verified expert
4.2 Ratings (563 Votes)

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
3)
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
4)
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
5)
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
6)
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

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