The following data exists for Shop Rite Corporation: Beginning of Year End of Year Total Assets $600
Question:
The following data exists for Shop Rite Corporation:
Beginning of Year End of Year
Total Assets $600 $1,200
Total Liabilities $300 $500
During the year, the company issued $500 stock and paid $300 in dividends to its existing stockholders. How much was net income or loss for the year?
On April 1, a consulting company has total assets of $60,000. It then has 4 transactions as follows:
i. Earned $20,000 revenue for services completed. Client promises to pay in 30 days.
ii. The same client makes a payment of $12,000 bringing their balance down to $8,000.
iii. Make a cash payment on a note payable of $6,000.
iv. Buy a $25,000 building for $12,000 in cash and $13,000 in a note payable.
How much are total assets after these transactions?
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott