Homework Answers
| Assets = Liabilities + Common Stock + Retained earnings | |||
| Beginning balances: | |||
| Assets | = | $ 1,250 | |
| Less: | Liabilities | = | $ 420 |
| Less: | Common stock | = | $ 500 |
| Retained earnings | = | $ 330 | |
| Retained earnings: | |||
| Ending balance | = | $ 600 | |
| Add: | Dividend paid | = | $ 500 |
| Less: | Beginning balance | = | $ -330 |
| Net Income | = | $ 770 | |
| Therefore, Net Income for year 2011 is $770 |
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On January 1, 2011, Baird Company had beginning balances as follows: Assets = $1,250 Liabilities =...
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