Norton, Inc.s comparative balance sheet at January 31, 2015, and 2014, reports the following (in millions): Requirements

Question:

Norton, Inc.€™s comparative at January 31, 2015, and 2014, reports the following (in millions):

Norton, Inc.€™s comparative balance sheet at January 31, 2015, and

Requirements
Tree situations about Norton€™s issuance of stock and declaration and payment of dividends during the year ended January 31, 2015, follow. For each situation, use the accounting equation and the statement of retained earnings to compute the amount of Norton€™s net income or net loss during the year ended January 31, 2015.
1. Norton issued $7 million of stock and declared no dividends.
2. Norton issued no stock but declared dividends of $5 million.
3. Norton issued $29 million of stock and declared dividends of $8million

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...