Toth Company had the following assets and liabilities on the dates indicated. December 31Total AssetsTotal Liabilities 2018.......................$400,000
Question:
Toth Company had the following assets and liabilities on the dates indicated.
December 31Total AssetsTotal Liabilities
2018.......................$400,000 ......................$260,000
2019.......................$480,000.......................$300,000
2020.......................$590,000.......................$400,000
Toth began business on January 1, 2018, with an investment of $100,000 from stockholders.
Instructions
From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for:
(a) 2018, assuming Toth paid $15,000 in dividends for the year.
(b) 2019, assuming stockholders made an additional investment of $50,000 and Toth paid no dividends in 2019.
(c) 2020, assuming stockholders made an additional investment of $15,000 and Toth paid dividends of $30,000 in 2020.
Step by Step Answer:
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel