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. Assets $ 66,000 Liabilities $ 28,294 50,625 125,000 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 $7,200 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 $7,200 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: 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 $ $ b. 0 $ 0 $ C. 0 $ 0 $ d. 0 0

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. Assets $ 66,000 Liabilities $ 28,294 50,625 125,000 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 $7,200 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 $7,200 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: 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 $ $ b. 0 $ 0 $ C. 0 $ 0 $ d. 0 0

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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