nformation related to the Berkley Company for the calendar year 2015 follows: Liabilities, December 31, 2015...
nformation related to the Berkley Company for the calendar year 2015 follows:
Liabilities, December 31, 2015 $400
Assets, December 31, 2015 700
Dividends distributed during 2015 90
Liabilities, December 31, 2014 250
Assets, December 31, 2014 350
Assuming no capital stock was issued during 2015, the net income earned by the Berkley Company during 2015 was
Homework Answers
Answer:
Year
2014:
Total Assets, December 31, 2014 = $350
Liabilities, December 31, 2014 = $250
Total Assets = Liabilities + Owners’ Equity
$350 = $250 + Owners’ Equity, December 31, 2014
Owners’ Equity, December 31, 2014 = $100
Year
2015:
Total Assets, December 31, 2015 = $700
Liabilities, December 31, 2015 = $400
Total Assets = Liabilities + Owners’ Equity
$700 = $400 + Owners’ Equity, December 31, 2015
Owners’ Equity, December 31, 2015 = $300
Owners’ Equity, December 31, 2015 = Owners’ Equity, December 31,
2014 + Net Income – Dividend
$300 = $100 + Net Income - $90
Net Income = $290
Therefore, Net Income earned during the year 2015 is $290
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nformation related to the Berkley Company for the calendar year
2015 follows:
Liabilities, December 31, 2015...
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