The Lim Company Had the Following Assets and Liabilities on the Dates

question 159

Essay

The Lim Company had the following assets and liabilities on the dates indicated. Lim began business on January 1, 2012, with an investment of $100,000.
Instructions
From an analysis of the change in equity during the year, compute the net income (or
loss) for:
(a) 2012, assuming Lim paid dividends of $25,000 for the year.
(b) 2013, assuming Lim made an additional investment of $60,000 and paid no dividends in 2013.
(c) 2014, assuming Lim made an additional investment of $10,000 and paid dividends of $30,000 in 2014.

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Definitions:

Punisher

An unfavorable consequence or penalty intended to reduce the occurrence of an unwanted behavior.

Respondent Behavior

A behavior that occurs as an automatic response to some stimulus; typically used in the context of classical conditioning.

Automatic

Operating or occurring without conscious thought or intention, often as a reflex or habitual action.

Novel

A long narrative work of fiction, typically published as a book and presenting characters and a plot in detail.