As of December 31, 2014 assets were $20, liabilities were $12 and paid-in-capital was $1. There was
Fantastic news! We've Found the answer you've been seeking!
Question:
As of December 31, 2014 assets were $20, liabilities were $12 and paid-in-capital was $1. There was no treasury stock or accumulated other comprehensive income at either the beginning or ending of 2015. During the year revenues were $40, gains (net of losses) were $1, paid-in-capital increased by $2 and the company paid out dividends of $4. At the end of the year, equity was $22 and total liabilities were $20.
1) How much total equity was there on January 1, 2015?
2) How much retained earnings was there at January 1, 2015?
3) How much paid-in-capital was there at December 31, 2015?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: