Leno Corporation reported the following amounts for assets and liabilities at the beginning and end of a

Question:

Leno reported the following amounts for assets and liabilities at the beginning and end of a recent year.

Required:
Calculate Leno€™s net income or net loss for the year in each of the following independent situations:
1. Leno declared no dividends, and its common stock remained unchanged.
2. Leno declared no dividends and issued additional common stock for $12,000 cash.
3. Leno declared dividends totaling $8,000, and its common stock remained unchanged.
4. Carson declared dividends totaling $11,000 and issued additional common stock for$15,000.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...