Asked by eddie
Total Assets Total Liabilities
Beginning of the year $550,000 $215,000
End of the year 844,000 320,000
On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year.
(Hint: First determine the amount of increase or decrease in stockholders' equity during the year.)
Jupiter: No additional common stock was issued and no dividends were paid.
Mars: No additional common stock was issued, but dividends of $36,000 were paid.
Saturn: Additional common stock of $60,000 was issued, but no dividends were paid.
Venus: Additional common stock of $60,000 was issued and dividends of $36,000 were paid.
Jupiter Net Income
$
Mars Net Income
$
Saturn Net Income
$
Venus Net Income
$
Beginning of the year $550,000 $215,000
End of the year 844,000 320,000
On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year.
(Hint: First determine the amount of increase or decrease in stockholders' equity during the year.)
Jupiter: No additional common stock was issued and no dividends were paid.
Mars: No additional common stock was issued, but dividends of $36,000 were paid.
Saturn: Additional common stock of $60,000 was issued, but no dividends were paid.
Venus: Additional common stock of $60,000 was issued and dividends of $36,000 were paid.
Jupiter Net Income
$
Mars Net Income
$
Saturn Net Income
$
Venus Net Income
$
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