at the beginning and end of a rec? Computing net income?
A corporation had the following assets and liabilities at the beginning and end of a recent year.
beginning of the year $131,000 (asset) $56,159 (liabilities)
end of the year $180,000 (asset) $72,900 (liabilities)
Determine the net income earned or net loss incurred by the business during the year for each of the following separate cases:
a) owner made no investments in the business and no dividends were paid during the year.
b) owner made no investments in the business but dividends were $650 cash per month.
c) no dividends were paid during the year but the owner invested an additional $45,000 cash in exchange for common stock.
d) dividends were $650 cash per month and the owner invested an additional $25,000 cash in exchange for common stock.
Please show work.
A corporation had the following assets and liabilities at the beginning and end of a recent year.
beginning of the year $131,000 (asset) $56,159 (liabilities)
end of the year $180,000 (asset) $72,900 (liabilities)
Determine the net income earned or net loss incurred by the business during the year for each of the following separate cases:
a) owner made no investments in the business and no dividends were paid during the year.
b) owner made no investments in the business but dividends were $650 cash per month.
c) no dividends were paid during the year but the owner invested an additional $45,000 cash in exchange for common stock.
d) dividends were $650 cash per month and the owner invested an additional $25,000 cash in exchange for common stock.
Please show work.