Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 51,015 70,073 Beginning of the year End of the year 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 $1,150 cash per month c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock d. Dividends were $1150 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock $119,000 174,500 Determine net income or net loss for the business during the year for each of the above separate cases Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equilty Owner investments Dividend Net income (oss) End of the year Egily

Exercise 2-24 (Algo) Computing net income LO P1 A company had the following assets and liabilities at the beginning and end of this year. Liabilities $ 51,015 70,073 Beginning of the year End of the year 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 $1,150 cash per month c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock d. Dividends were $1150 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock $119,000 174,500 Determine net income or net loss for the business during the year for each of the above separate cases Note: Decreases in equity should be indicated with a minus sign. Beginning of the year-Equilty Owner investments Dividend Net income (oss) End of the year Egily

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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