Homework Answers
| Ending total liabilities | 31000 | |
| Add: Ending owner's Equity | 29000 | |
| Ending total assets | 60000 | |
| Beginning total assets | 39000 | =60000-21000 |
| Beginning owner's Equity | 24000 | =39000-15000 |
| Ending owner's Equity | 29000 | |
| Less: Beginning owner's Equity | 24000 | |
| Change in owner's Equity | 5000 | |
| Add: Dividends paid | 2000 | |
| Less: Common Stock issued | 5000 | |
| Net income | 2000 | |
| Option C $2,000 net income is correct | ||
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For the current accounting year, beginning and ending total liabilities were S15,000 and $31,000, respectively. At...
Davis Ltd.’s total assets and total liabilities were $27,000 and $18,000 respectively at the beginning of...
Davis Ltd.’s total assets and total liabilities were $27,000 and $18,000 respectively at the beginning of the current year, and $31,000 and $20,000 respectively at the end of the current year. If the company issued no common shares during the year and earned $4,000 in net income, how much did it declare in dividends?
For the year, Beta had beginning total liabilities of $25,000 and ending total liabilities of S15,000....
For the year, Beta had beginning total liabilities of $25,000 and ending total liabilities of S15,000. During the year, total assets increased s30.000. The begimnmg balance in stockholders" equity was $40,000. In addition, common stock of $10,000 was sold at par value, and dividends of $5,000 were declared and paid. How much was Beta's net income for the year. HINT: Use changes in the accounting equation to solve this problem. A. S5,000 B. $10,000 C. $15,000 D. $20,000 E. None...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet
for Davis Co. showed liabilities of $224,000. During the year,
liabilities decreased by $12,600, assets increased by $45,500, and
paid-in capital increased from $21,000 to $134,400. Dividends
declared and paid during the year were $17,500. At the end of the
year, stockholders’ equity totaled $300,300.
Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilities PIC RE Beginning:...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $224,000. During the year, liabilities decreased by $12,600, assets increased by $45,500, and paid-in capital increased from $21,000 to $134,400. Dividends declared and paid during the year were $17,500. At the end of the year, stockholders' equity totaled $300,300. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $448,000. During the year, liabilities decreased by $25,200, assets increased by $91,000, and paid-in capital increased from $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the end of the year, stockholders' equity totaled $600,600. Required Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilitiesPICRE $448,000 Beginning Changes:...
At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders'...
At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $518,000. During the year, liabilities increased by $21,000 to $233,000, paid in capital increased by $31,000 to $176,000, and assets increased by $264,000. Dividends declared and paid during the year were $50,000 Required: Calculate net income or loss for the year (Amounts to be deducted should be indicated with a minus sign.) Assets - 264.000 = Stockholders' Equity PIC + RE $...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $160,000. During the year, liabilities decreased by $9.000. assets increased by $32,500, and paid-in capital increased from $15,000 to $96,000. Dividends declared and paid during the year were $12,500. At the end of the year, stockholders' equity totaled $214,500. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $432,000. During the year, liabilities decreased by $79,000, assets increased by $159,000, and paid-in capital increased by $14,000 to $382,000. Dividends declared and paid during the year were $127,000. At the end of the year, stockholders' equity totaled $751,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Assets = Liabilities +...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $416,000. During the year, liabilities decreased by $23,400, assets increased by $84,500, and paid-in capital increased from $39,000 to $249,600. Dividends declared and paid during the year were $32,500. At the end of the year, stockholders' equity totaled $557,700. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet for Davis Co showed liabilities...
At the beginning of the current fiscal year, the balance sheet for Davis Co showed liabilities of $320,000. During the year, liabilities decreased by $18,000, assets increased by $65.000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders' equity totaled $429,000 Required: Calculate net income (or loss) for the year. Indicate the financial statement effect (Enter decreases with a minus sign to indicate a negative...
For the year, Beta had beginning total liabilities of $25,000 and ending total liabilities of S15,000. During the year, total assets increased s30.000. The begimnmg balance in stockholders" equity was $40,000. In addition, common stock of $10,000 was sold at par value, and dividends of $5,000 were declared and paid. How much was Beta's net income for the year. HINT: Use changes in the accounting equation to solve this problem. A. S5,000 B. $10,000 C. $15,000 D. $20,000 E. None...
At the beginning of the current fiscal year, the balance sheet
for Davis Co. showed liabilities of $224,000. During the year,
liabilities decreased by $12,600, assets increased by $45,500, and
paid-in capital increased from $21,000 to $134,400. Dividends
declared and paid during the year were $17,500. At the end of the
year, stockholders’ equity totaled $300,300.
Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilities PIC RE Beginning:...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $224,000. During the year, liabilities decreased by $12,600, assets increased by $45,500, and paid-in capital increased from $21,000 to $134,400. Dividends declared and paid during the year were $17,500. At the end of the year, stockholders' equity totaled $300,300. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $448,000. During the year, liabilities decreased by $25,200, assets increased by $91,000, and paid-in capital increased from $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the end of the year, stockholders' equity totaled $600,600. Required Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilitiesPICRE $448,000 Beginning Changes:...
At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $518,000. During the year, liabilities increased by $21,000 to $233,000, paid in capital increased by $31,000 to $176,000, and assets increased by $264,000. Dividends declared and paid during the year were $50,000 Required: Calculate net income or loss for the year (Amounts to be deducted should be indicated with a minus sign.) Assets - 264.000 = Stockholders' Equity PIC + RE $...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $160,000. During the year, liabilities decreased by $9.000. assets increased by $32,500, and paid-in capital increased from $15,000 to $96,000. Dividends declared and paid during the year were $12,500. At the end of the year, stockholders' equity totaled $214,500. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $432,000. During the year, liabilities decreased by $79,000, assets increased by $159,000, and paid-in capital increased by $14,000 to $382,000. Dividends declared and paid during the year were $127,000. At the end of the year, stockholders' equity totaled $751,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Assets = Liabilities +...
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $416,000. During the year, liabilities decreased by $23,400, assets increased by $84,500, and paid-in capital increased from $39,000 to $249,600. Dividends declared and paid during the year were $32,500. At the end of the year, stockholders' equity totaled $557,700. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative...
At the beginning of the current fiscal year, the balance sheet for Davis Co showed liabilities of $320,000. During the year, liabilities decreased by $18,000, assets increased by $65.000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders' equity totaled $429,000 Required: Calculate net income (or loss) for the year. Indicate the financial statement effect (Enter decreases with a minus sign to indicate a negative...
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