Shep Company’s records show the following information for the
current year.
|
Beginning of year |
|
End of year |
| Total assets |
|
$ |
54,000 |
|
|
|
$ |
85,000 |
|
| Total liabilities |
|
$ |
24,000 |
|
|
|
$ |
37,000 |
|
|
Determine net income (loss) for each of the following separate
situations. (For all requirements, losses should be entered
with a minus sign.)
a. Additional common stock of $5,000 was issued
and dividends of $9,000 were paid during the current year.
b. Additional common stock of $15,500 was issued
and no dividends were paid during the current year.
c. No additional common stock was issued and
dividends of $14,000 were paid during the current year.
|
|
|
| a. |
Net income (loss) |
|
| b. |
Net income (loss) |
|
| c. |
Net income (loss) |
|
|