Homework Answers
Equity = Assets – Liabilities
1)Equity at beginning of year = 27000-15000
= $12,000
2)Equity at the end of year = 61000-26000 = $35,000
3)Equity at the end = Equity at the beginning + Net Income + Issuance of stock – Dividend paid
35000 = 12000+5800-40,700 + Net Income
Net Income = 57,900
4)35000 = 12000+3900-6100+COmmon Stock Issued
Stock issued = 25,200
5)35000 = 12000+15400+15300 – Dividends
Dividends = 7,700
6)35000 = 12000+42900-3700+Net Income
Net Loss = -$16,200
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