The total assets and liabilities of Browning Company at January 1 and December 31, 2022 are presented below.

January 1 December 31 Assets $95,000 $140,000 Liabilities 30,000 36,000 Instructions:

1. Assume dividends of $10,800 were paid and no additional stock was issued during the year.

Revenues were $110,000. Compute

(a) net income, and

(b) expenses.

2. Assume additional stock was issued for $4,800 and no dividends were paid during the year.

Expenses were $42,000. Compute

(a) net income, and

(b) revenues.

3. Assume additional stock was issued for $62,000 and dividends of $15,600 were paid during the year. Compute net loss.

4. Assume additional stock was issued for $6,000 and net income was $51,000. Compute dividends paid.