Chapter 2 Exercises 12 Exercise 2-24 (Algo) Computing net income LO P1 points A company had...

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Chapter 2 Exercises 12 Exercise 2-24 (Algo) Computing net income LO P1 points A company had the following assets and liabilities at the beginning and end of this year Saved Assets Beginning of the year End of the year $ 68,000 115,500 eBook Hint Print Liabilities $29,152 46,775 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,400 cash per month. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock d. Dividends were $1,400 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock Determine net income or net loss for the business during the year for each of the above separate cases Note: Decreases in equity should be indicated with a minus sign. b. d References Beginning of the year-Equity $ 38.848 $ 38.848 S 38,848 $ 38,848 Owner investments 0 45,000 35,000 0 0 Dividend Net Income (loss) End of the year-Equity 0 $ 0 $ eBook a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,400 cash per month. Hint Print c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock... d. Dividends were $1,400 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases. Note: Decreases in equity should be indicated with a minus sign. b. C. d. References Beginning of the year-Equity $ 38,848 $ 38,848 $ 38,848 $ 38,848 Owner investments 0 0 45,000 35,000 0 0 Dividend Net income (loss) End of the year-Equity $ 0 $ 0 $ 14 0 Chapter 2 Exercises 12 Exercise 2-24 (Algo) Computing net income LO P1 points A company had the following assets and liabilities at the beginning and end of this year Saved Assets Beginning of the year End of the year $ 68,000 115,500 eBook Hint Print Liabilities $29,152 46,775 a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,400 cash per month. c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock d. Dividends were $1,400 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock Determine net income or net loss for the business during the year for each of the above separate cases Note: Decreases in equity should be indicated with a minus sign. b. d References Beginning of the year-Equity $ 38.848 $ 38.848 S 38,848 $ 38,848 Owner investments 0 45,000 35,000 0 0 Dividend Net Income (loss) End of the year-Equity 0 $ 0 $ eBook a. Owner made no investments in the business, and no dividends were paid during the year. b. Owner made no investments in the business, but dividends were $1,400 cash per month. Hint Print c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock... d. Dividends were $1,400 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine net income or net loss for the business during the year for each of the above separate cases. Note: Decreases in equity should be indicated with a minus sign. b. C. d. References Beginning of the year-Equity $ 38,848 $ 38,848 $ 38,848 $ 38,848 Owner investments 0 0 45,000 35,000 0 0 Dividend Net income (loss) End of the year-Equity $ 0 $ 0 $ 14 0