The total assets and liabilities of Omni Company at January 1 and December 31, 2012, are presented below.

Determine the amount of net income or loss for 2012, applying each of the following assumptions concerning the additional issuance of stock and dividends paid by the firm. Each case is independent of the others.
1. Dividends of $12,100 were paid and no additional stock was issued during the year.
2. Additional stock of $18,000 was issued and no dividends were paid during the year.
3. Additional stock of $72,000 was issued and dividends of $12,400 were paid during theyear.

Transcribed Image Text:

January 1 December 31 S103,000 72,000 $167,000 Assets. Liabilities 88,000