Cranberry, Inc.'s, comparative balance sheet at January 31, 2017, and 2016, reports the following (in millions): Requirements
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Requirements
Three situations about Cranberry's issuance of stock and declaration and payment of dividends during the year ended January 31, 2017, follow. For each situation, use the accounting equation and the statement of retained earnings to compute the amount of Cranberry's net income or net loss during the year ended January 31, 2017.
1. Cranberry issued $13 million of stock and declared no dividends.
2. Cranberry issued no stock but declared dividends of $20 million.
3. Cranberry issued $66 million of stock and declared dividends of $20 million.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For 
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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