A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $124,500 $53,373 End of the year 172,000 69,660 The owner made no investments in the business and paid no dividends during the year. The owner did not invest in the business, but the dividends were $550 cash per month. No dividends were paid during the year, but the owner invested an additional $45,000 in cash in exchange for shares of common stock. Dividends were $550 cash per month, and the owner invested an additional $35,000 cash in exchange for common shares. Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.)

Answer rating: 100% (QA)

Case 1 No investments made dividends paid Total assets at the end of the year 172000 Total liabiliti... View the full answer