Using the expanded accounting equation, calculate and enter the answers for each

Question

Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities eginning of Year: $29,000 $16,000 End of Year: $63,000 $27,000 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity 13000 Ending Equity 36000 3) If the company issues common stock of $6,100 and pay dividends of $41,600, how much is net income (loss)? 4) If net income is $1,800 and dividends are $5,600, how much is common stock? Common Stock 37800 Net Income (Loss) 58500 5) If the company issues common stock of $18,600 and net income is $15,400, how much is dividends? 6) If the company issues common stock of $42,200 and pay dividends of $1,300, how much is net income (loss)? Dividends 11000 Net Income (Loss) 17900

Explanation / Answer

4) Beginning equity = 29000-16000 = 13000

Ending equity = 63000-27000 = 36000

Common Stock issued = 13000+1800-5600-36000 = 26800

5) Beginning equity = 13000

Ending equity = 36000

Net income (loss) = 13000+42200-1300-36000 = (17900)

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