1 answer

Glossary HINT Activity 4.b - Using the Expanded Accounting Equation Using the expanded accounting equation, calculate...

Question:

Glossary HINT Activity 4.b - Using the Expanded Accounting Equation Using the expanded accounting equation, calculate and ent
Glossary HINT Activity 4.b - Using the Expanded Accounting Equation Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities Beginning of Year $25,000 $18.000 End of Year $63.000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity Ending Equity 3) if the company issues common stock of 59,700 and pay dividends of $38,700, how much is net income foss)? 4) If net income is $2,500 and dividends are 57,100, how much is common stock?

Answers

1. Equity at the beginning of the year = beginning assets - beginning liabilities

=>$28,000-18,000

=>$10,000.

2.Equity at the end of the year = $63,000 - 28,000

=>$35,000.

3.

ending equity 35,000
add; dividends 38,700
less; beginning equity (10,000)
less; common stock issued (9,700)
net income (loss) 54,000

4.

ending equity 35,000
add; dividends 7,100
less; beginning equity (10,000)
less; net income (2,500)
common stock issued 29,600
.

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