Toth Company had the following assets and liabilities on the dates indicated. Toth began business on January 1, 2019, with an investment of $100,000 from stockholders. Instructions From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: a. 2019, assuming Toth paid $15,000 in dividends for the year. b. 2020, assuming
Chapter 1, Exercises #10
Toth Company had the following assets and liabilities on the dates indicated.
Toth began business on January 1, 2019, with an investment of $100,000 from stockholders.
Instructions
From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for:
a. 2019, assuming Toth paid $15,000 in dividends for the year.
b. 2020, assuming stockholders made an additional investment of $50,000 and Toth paid no dividends in 2020.
c. 2021, assuming stockholders made an additional investment of $15,000 and Toth paid dividends of $30,000 in 2021.
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Answer
a. Stockholders equity x 12/31/19 ($400,000 $260,000)......... $140,000 Less: Stockholders equity x …View the full answer
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3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
ISBN: 978-1119392132