Don't provide answer in image format thank you Incubus Corporation began with an investment by shareholders of $30,000.a. In its first year, its income showed a deficit of $6,000. What would the equity section of its balance sheet show at year end?(Negative answers should be Indicated by a minus sign. Omit $ sign in your response.)Common stockRetained earningsTotal Stockholders' EquityCommon stockRetained earningsTotal Stockholders' Equityb. In the second year, it had income of $17,000 and a dividend of $5,000 was paid. What would the equity section of its balance sheetshow at year end?$Common stockRetained earningsTotal Stockholders' Equity30000-6000S24000e. In the third year, Incubus sold more shares for a value of $15,000, earned income of $11,000, and paid a dividend of $5,000. Whatwould the equity section of its balance sheet show at year end?S300002200020000

Retained profits are often created by a company's operational operations and are returned back into…

Answered: $6,000. Wh a minus sign. Or $ 30000…

$6,000. Wh a minus sign. Or $ 30000 -6000 $ 24000 00 and a dividend 30000 22000 for a value of $15.000 show at year end?

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Don't provide answer in image format thank you

Incubus Corporation began with an investment by shareholders of $30,000.
a. In its first year, its income showed a deficit of $6,000. What would the equity section of its balance sheet show at year end?
(Negative answers should be Indicated by a minus sign. Omit $ sign in your response.)
Common stock
Retained earnings
Total Stockholders' Equity
Common stock
Retained earnings
Total Stockholders' Equity
b. In the second year, it had income of $17,000 and a dividend of $5,000 was paid. What would the equity section of its balance sheet
show at year end?
$
Common stock
Retained earnings
Total Stockholders' Equity
30000
-6000
S
24000
e. In the third year, Incubus sold more shares for a value of $15,000, earned income of $11,000, and paid a dividend of $5,000. What
would the equity section of its balance sheet show at year end?
S
30000
22000
20000

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