Using the accounting equation, preparing financial statements, and evaluating business performance [30-40 min]
Compute the missing amount for Felix Company. You will need to work through total stockholders’ equity.
Beginning: | Stockholders’ Equity: | ||
Assets. . . . . . . . | $45,000 | Issuance of stock. . . . . . . | $ 0 |
Liabilities. . . . . . | 29,000 | Dividend payments. . . . . . | 19,000 |
Ending: | Income Statement: | ||
Assets. . . . . . . . | $55,000 | Revenues. . . . . . . . | $242,000 |
Liabilities. . . . . . . . | 38,000 | Expenses. . . . . . . . | ? |
1. Did Felix earn a net income or suffer a net loss for the year? Compute the amount.
2. Would you consider Felix’s performance for the year to be good or bad? Give your reason.
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