Hey I'm stuck on my Accounting 230 online assignment on finding the net income from a balance sheet I filled out. I know my answers are correct so far but cannot figure out how to obtain the answers for the last two questions! Help please!
Assets:
Cash $280,925
Accounts Receivable 117,375
Supplies 7,500
Total Assets 405,800
Liabilities:
Accounts Payable $49,800
Stockholder's Equity:
Capital Stock $50,000
Retained Earnings $306,000
Total Stockholder's Equity 356,000
Total assets =Total Liabilities and Stockholder's Equity!!
My questions are:
Determine the amount of net income for November, assuming no additional capital stock was issued or dividends paid during the month.
and
Determine the amount of net income for November, assuming no additional capital stock was issued but dividends in the amount of $37,500 were paid during the month.
Help Please!!! Thank you!!
Assets:
Cash $280,925
Accounts Receivable 117,375
Supplies 7,500
Total Assets 405,800
Liabilities:
Accounts Payable $49,800
Stockholder's Equity:
Capital Stock $50,000
Retained Earnings $306,000
Total Stockholder's Equity 356,000
Total assets =Total Liabilities and Stockholder's Equity!!
My questions are:
Determine the amount of net income for November, assuming no additional capital stock was issued or dividends paid during the month.
and
Determine the amount of net income for November, assuming no additional capital stock was issued but dividends in the amount of $37,500 were paid during the month.
Help Please!!! Thank you!!