Question

Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of 2015,...

Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions

At the beginning of 2015, Barth Company reported the following balance sheet.

Assets Liabilities
Cash $3,600 Accounts Payable $9,000
Accounts Receivable 11,025 Equity
Equipment 7,500 Common Stock 35,625
Land 37,500 Retained Earnings 15,000
Total Assets $59,625 Total Liabilities and Equity $59,625

Required
a. At the end of 2015, Barth Company reported the following assets and liabilities: Cash, $6,600; Accounts Receivable, $13,800; Equipment, $6,750; Land, $37,500; and Accounts Payable, $5,625. Prepare a year-end balance sheet for Barth. (Hint: Report equity as a single total.)

BARTH COMPANY
Balance Sheet
Decemer 31, 2015
Assets Liabilities
Answer
Answer Answer
Answer
Answer
Answer
Equipment Answer Equity
Land Answer Answer
Answer
Answer
Answer Answer
Answer

b. Assuming that Barth did not issue any common stock during the year but paid $9,000 cash in dividends, what was its net income or net loss for 2015?

$Answer



c. Assuming that Barth issued an additional $10,125 common stock early in the year but paid $15,750 cash in dividends before the end of the year, what was its net income or net loss for 2015?

$Answer

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