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Ignore what I have written. Please help! A corporation had the following assets and liabilities at the beginning and end of this year. Assets Beginning
Ignore what I have written. Please help!
A corporation had the following assets and liabilities at the beginning and end of this year. Assets Beginning of the year $ 77,000 End of the year 123,500 Liabilities $ 33,010 50,018 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 $1,450 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 $1,450 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases: (Decreases in equity should be indicated with a minus sign.) $ 43,990 $ b. 43,990 $ 0 43,990 $ d. 43,990 35,000 (17,400) 0 Beginning of the year-Equity Owner investments Dividends Net income (loss) End of the yearEquity 45,000 0 (17,400) 0 29,492 GA 73,482 $ 73,482 $ 73,482 $ 73,482Step by Step Solution
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