Jaws Dental (JD) had an Equity balance at the beginning of the year of $800,000 and...
Jaws Dental (JD) had an Equity balance at the beginning of the year of $800,000 and an Equity balance of $600,000 at the end of the year.
a. Assume JD is a not-for profit. What was JD’s Net Income for the year?
ANSWER _________%
b. Now assume that JD is a for-profit. If they paid $100,000 in dividends, what was JD’s Net Income for the year?
ANSWER__________ %
Homework Answers
a) Assuming JD is a not-for profit, JD’s Net Income for the year:
It was known that,
Ending Equity balance = Beginning balance + Net income
That implies,
Net income
= Ending Equity balance - Beginning Equity balance
= $600000 - $800000
= - $200000
b) Assuming that JD is a for-profit, If they paid $100,000 in dividends, JD’s Net Income for the year:
It was known that,
Ending Equity balance = Beginning Equity balance + Net income - Dividends paid
That implies,
Net income
= Ending Equity balance - Beginning Equity balance + Dividends paid
= $600000 - $800000 + $100000
= - $100000
-----×-----
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