Timmy Company's comparative balance sheet at January 31, 2019, and 2018, reports the following (in millions)

The following are three situations related to Timmy Company's issuance of stock and declaration and layment of dividends during the year ended January 31, 2019.

Data Table 2019 2018 Total assets 80 $ 53 Total liabilities 27 11 Requirements For each situation, use the accounting equation and what you know from the chapter about stockholders' equity, common stock, and retained earnings to calculate the amount of Timmy's net income or net loss during the year ended January 31, 2019. 1. Timmy issued $1 million of stock and declared no dividends. 2. Timmy issued no stock but declared dividends of $22 million, 3. Timmy issued $5 million of stock and declared dividends of $20 million E1-22A (similar to) Timmy Company's comparative balance sheet at January 31, 2019, and 2018, reports the following (in millions): Click the icon to view the comparative balance sheet.) The following are three situations related Timmy Company's issuance of stock and declaration and payment of dividends during the year ended January Read the requirements Begin by reviewing the labels for the change in stockholders' equity and then enter the amounts for each situation (Enter an amount in each input area. I sign or parentheses when entering net losses or numbers to be subtracted.) Situation #1 Total stockholders' equity, January 31, 2018 Add: Issuance of stock Net income Less: Dividends declared Net loss Total stockholders' equity, January 31, 2019 Enter any number in the edit fields and then click Check Answer 2 parts remaining Clear All