Question

Four different corporations, Juliet, Kilo, Lima, and Mike, 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 above data and the following additional information for the year, determine the net income (or loss) of each company for the year.
Juliet: No additional capital stock was issued, and no dividends were paid.
Kilo: No additional capital stock was issued, but dividends of $55,000 were paid.
Lima: Additional capital stock of $100,000 was issued, but no dividends were paid.
Mike: Additional capital stock of $100,000 was issued, and dividends of $55,000 werepaid.


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  • CreatedFebruary 28, 2014
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