Question: Four different companies Iowa Nevada Ohio and Texas show the same balance

Four different companies—Iowa, Nevada, Ohio, and Texas—show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders’ equity, are summarized as follows:


On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year.

Company Iowa: No additional capital stock was issued, and no dividends were paid.
Company Nevada: No additional capital stock was issued, but dividends of $20,000 were paid.
Company Ohio: Capital stock of $75,000 was issued, but no dividends were paid.
Company Texas: Capital stock of $75,000 was issued, and dividends of $20,000 werepaid.


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  • CreatedFebruary 04, 2014
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