Net income or net loss during 20Y3, assuming that as of October 31, assets were 6,140,000,...
Net income or net loss during 20Y3, assuming that as of October 31, assets were 6,140,000, liabilities were 1,950,000 and no additional common stock was issued or dividends paid
Homework Answers
Assets = liabilities + capital
Net income = Change is the assets - change in the liabilities
If there is no capital transactions like
A. Further issuance of common stock
B. Dividends to owners or shareholders
Here, Net income = $ 6,140,000 - $ 1,950,000 = 4,190,000
note: Previous year balance of assets and liabilities were not given, so it has been assumed that previous year value of assets and liabilities were ZERO. So, given value of assets and liabilities shows there current balance as well as changes in their values with respect of previous year.
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Net income or net loss during 20Y3, assuming that as of October
31, assets were 6,140,000,...
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