The Total Assets and Liabilities of Company at January 1

question 108

Essay

The total assets and liabilities of Company at January 1 and December 31, 2018 are presented below. Instructions:
1. Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses.
2. Assume additional stock was issued for $4,800 and no dividends were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues.
3. Assume additional stock was issued for $62,000 and dividends of $15,600 were paid during the year. Compute net income.
4. Assume additional stock was issued for $6,000 and net income was $51,000. Compute dividends paid.

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