Question: The problem marks the 11,008 as incorrect, but thats the amount i get when subtracting equity frim investments. please let me know what im dojng
2 - Class Assignment Saved A corporation had the following assets and liabilities at the beginning and end of this year. Beginning of the year End of the year Assets $ 59,500 114,000 Liabilities $25,508 46,170 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no Investments in the business, but dividends were $550 cash per month c. No dividends were paid during the year, but the owner did Invest an additional $45,000 cash in exchange for common stock. d. Dividends were $550 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases. (Decreases in equity should be indicated with a minus sign.) ht d. b. 33,992 $ c. 33,992 $ $ 33,992 $ ences 0 33.992 35,000 (6,600) 45,000 0 0 0 Beginning of the year-Equity Owner investments Dividend Net Income (loss) End the year-Equity 33,838 67,830 $ (6,600) 40.438 67,830 $ 11,008 67,830 $ 67,830 $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
