As of December 31, 2014 assets were $20, liabilities were $12 and paid-in-capital was $1. There was no treasury stock or accumulated other comprehensive income at either the beginning or ending of 2015. During the year revenues were $40, gains (net of losses) were $1, paid-in-capital increased by $2 and the company paid out dividends of $4. At the end of the year, equity was $22 and total liabilities were $20. 

1) How much total equity was there on January 1, 2015?

 

2) How much retained earnings was there at January 1, 2015?

 

3) How much paid-in-capital was there at December 31, 2015?

Answer rating: 100% (QA)

1 Total equity on January 1 2015 Given As of Dec 31 20... View the full answer