Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions
At the beginning of 2015, Barth Company reported the following balance sheet.
|Total Assets||$59,625||Total Liabilities and Equity||$59,625|
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.)
Decemer 31, 2015
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?
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?
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