Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of the year, Barth Company reported the following balance sheet. Assets Liabilities Cash $7,200 Accounts Payable $18,000 Accounts Receivable Equipment Land 22,050 15,000 Common Stock Equity 71,250 75,000 Retained Earnings 30,000 Total Assets $119,250 Total Liabilities and Equity $119,250 Required a. At the end of the year, Barth Company reported the following assets and liabilities: Cash, $13,200; Accounts Receivable, $27,600; Equipment, $13,500; Land, $75,000; and Accounts Payable, $11,250. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.) BARTH COMPANY Balance Sheet Cash Accounts Payable Equipment Land Total Assets December 31 Assets Liabilities $ 13,200 Accounts Payable $ 11,250 27,600 13,500 Equity 75,000 Stockholders' Equity 118,050 $ 129,300 Total Liabilities and Equity = $ 129,300 b. Assuming that Barth did not issue any common stock during the year but paid $18,000 cash in dividends, what was its net income or net loss for the year? $ (1,200) c. Assuming that Barth issued an additional $20,250 common stock early in the year but paid $31,500 cash in dividends before the end of the year, what was its net income or net loss for the year? $ 5,550