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The balance sheet data of Finac Company at the beginning and end of this year is as follows: Assets Liabilities Beginning of the year $60,000
The balance sheet data of Finac Company at the beginning and end of this year is as follows: Assets Liabilities Beginning of the year $60,000 $25.722 End of the year 104,500 42,323 Required: For each of the following situations with regard to common stock and dividends of a corporation, compute the amount of net income or net loss during the year. a. Owner made no investments in the business, but dividends were $650 cash per month. (10 points) b. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock. (10 points) c. Dividends were $650 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock. (10 points)
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