Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Chapter D, Problem 15E
A corporation had the following assets and liabilities at the beginning and end of this year.
Exercise D-15
Computing net income
Determine net income or net loss for 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 $1,250 cash per month.
c. No dividends were paid during the year, but the owner did invest an additional $55,000 cash in exchange for common stock.
d. Dividends were $1,250 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.
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A corporation had the following assets and liabilities at the beginning and end of this year.
Liabilities
$36, 440
54, 068
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 $650 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 $650 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases:
(Decreases in equity should be indicated with a minus sign.)
Beginning of the year-Equity
Owner investments
Dividends
Assets
$ 85,000
133, 500
Net income (loss)
End of the year-Equity
a.
$
EA
b.
0 $
0 $
69
0 $
0 $
d.
0
0
A company had the following assets and liabilities at the beginning and end of this year.
Liabilities
$ 61,518
76,140
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, and dividends paid were $16,800 during the year.
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 paid were $16,800 during the year, and the owner did invest an additional $35,000 cash near year-end in exchange
for common stock.
Assets
$ 143,500
188,000
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-Equity
Owner investments
Dividends
Net income (loss)
End of the year-Equity
$
a.
Answer is not complete.
81,982✔✓ $
0✔
0✔
$ 111,860
b.
81,982 $
0✔
(16,800) ✔
$ 111,860 $
C.…
A company had the following assets and liabilities at the beginning and end of this year.Beginning of the
year End of the yearAssets $ 109,500161, 500Liabilities$ 46,94365,408a. Owner made no investments in the
business, and no dividends were paid during the year.b. Owner made no investments in the business,
and dividends paid were $12,000 during the year.c. No dividends were paid during the year, but the
owner did invest an additional $45,000 cash in exchang for common stock.d. Dividends paid were $12,000
during the year, and the owner did invest an additional $35,000 cash near year-end in exchange for
common stock.Determine net income or net loss for the business during the year for each of the above
separate cases:
Chapter D Solutions
Managerial Accounting
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Are debits or credits typically listed first in...Ch. D - Should a transaction be recorded first in a...Ch. D - Prob. 7DQCh. D - Why does the reeordkeeper prepare a trial balance?Ch. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 13DQCh. D - Define (a) assets, (b) liabilities, and (c) equityCh. D - Prob. 15DQCh. D - Review the Apple balance sheet Appendix A....Ch. D - Review the Google balance sheet in Appendix A....Ch. D - Prob. 18DQCh. D - Identify the items from the following list that...Ch. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Identify the normal balance (debit or credit) for...Ch. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - A trial balance has total debits of $20,000 and...Ch. D - Prob. 9QSCh. D - Prob. 10QSCh. D - Prob. 11QSCh. D - Prob. 12QSCh. D - Prob. 13QSCh. D - Prob. 14QSCh. D - Prob. 15QSCh. D - Order the following steps in the accounting...Ch. D - Prob. 2ECh. D - Enter the number for the item that best completes...Ch. D - For each of the following, (1) identify the type...Ch. D - Prob. 5ECh. D - Prob. 6ECh. D - Prepare general journal entries for the following...Ch. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - 1. Prepare general journal entries for the...Ch. D - Prob. 13ECh. D - Prob. 14ECh. D - A corporation had the following assets and...Ch. D - Carmen Camry operates a consulting firm called...Ch. D - Prob. 17ECh. D - Prob. 18ECh. D - Prob. 19ECh. D - Prob. 20ECh. D - You are told the column totals in a trial balance...Ch. D - Exercise D-22 Calculating and interprets the debt...Ch. D - Prob. 23ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Denzel Brooks opened a web consulting business...Ch. D - Prob. 4PSACh. D - The accounting records of Nettle Distribution show...Ch. D - Prob. 6PSACh. D - Prob. 7PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 4PSBCh. D - Prob. 5PSBCh. D - Prob. 6PSBCh. D - Prob. 7PSBCh. D - Prob. 1SPCh. D - Prob. 2SPCh. D - Prob. 3SPCh. D - Prob. 1GLPCh. D - Prob. 2GLPCh. D - Prob. 3GLPCh. D - Prob. 4GLPCh. D - Prob. 5GLPCh. D - Prob. 6GLPCh. D - Prob. 7GLPCh. D - Using transactions from the following assignments...Ch. D - Prob. 1AACh. D - Prob. 2AACh. D - Prob. 3AACh. D - Prob. 1BTNCh. D - Prob. 2BTNCh. D - Prob. 3BTNCh. D - The expanded accounting equation consists of...Ch. D - Prob. 5BTNCh. D - Prob. 6BTNCh. D - Prob. 7BTN
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