Question

%E1-21 (similar to) E Question Help Alan Lightwork's balance sheet data at May 31, 2018, and June 30, 2018, follow (Click the icon to view the balance sheet data) Read the requirement Begin by identifying the accounting equation and the formula to calculate the change in the stockholders' equity during a period. (Abbreviations used Bog equity beginning equity, End equity = ending equity.) Accounting equation = Assets = Liabilities - Equity Stockholders equity equation Beg equity common stock issued. Net income or Not loss - Dividends End equity For each of the following situations that occurred in June, 2018 with regard to common stock and dividends of a corporation, compute the amount of net income ornet loss during June 2018. (Use a minus sign or parentheses for a net loss.) a. The company issued $12,000 of common stock and paid no dividends Not income (loss) - $ 22,000 b. The company issued no common stock. It paid cash dividends of $5,000 Net income (loss) = $ 39,000 c. The company issued $15,000 of common stock and paid cash dividends of $24,000 Net income (loss) = $ Enter any number in the edit fields and then click Check Answer. Check Answer Clear All All parts showing

Answer 1

c) Beginning equity = 144000-122000 = 22000

Ending equity = 211000-155000 = 56000

Net income (loss) = 22000+15000-24000-56000 = 43000