FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1182
18
Incubus Corporation began with an Investment by shareholders of $33,000.
a. In its first year, its income showed a deficit of $6,300. 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
b. In the second year, it had an income of $16,700 and a dividend of $5,300 was paid. What would the equity section of its balance
sheet show at year end?
Total Stockholders' Equity
$
Common stock
Retained earnings
$
Total Stockholders' Equity
$
c. In the third year, Incubus sold more shares for a value of $16,500, earned income of $11,300, and paid a dividend of $5,300. What
would the equity section of its balance sheet show at year end?
$
$
$
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Transcribed Image Text:1182 18 Incubus Corporation began with an Investment by shareholders of $33,000. a. In its first year, its income showed a deficit of $6,300. 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 b. In the second year, it had an income of $16,700 and a dividend of $5,300 was paid. What would the equity section of its balance sheet show at year end? Total Stockholders' Equity $ Common stock Retained earnings $ Total Stockholders' Equity $ c. In the third year, Incubus sold more shares for a value of $16,500, earned income of $11,300, and paid a dividend of $5,300. What would the equity section of its balance sheet show at year end? $ $ $
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