At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year, net income was $6850 and the company paid dividends of $4630. The company also repurchased $8930 in equity. What was the owners' equity account at the end of the year?

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Answer 1

Answer #1

The beginning owner's equity is $50630

Net income was $6850 and dividend paid was $4630

Retained earnings are net income - dividends,

Retained earnings = $6850 - $4630 = $2,220

Owner's equity only includes outstanding shares hence repurchased equity shall be deducted from owner's equity, hence year-end owner's equity is:

= Owner's equity at the beginning + Retained earnings - repurchased stock

=$50630 + $2220 - $8930

=$43,920

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Answer 2

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,435. During the year,...

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

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Add Answer to: At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...

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At the beginning of the year, Vendors, Inc., had owners' equity of $50,630. During the year,...