The Total Assets and Total Liabilities of Paul's Pools and Palaces

question 201

Essay

The total assets and total liabilities of Paul's Pools and Palaces at the beginning and at the end of the current fiscal year are as follows: (a)Determine the amount of net income earned during the year. No additional common stock was issued and no dividends were paid.(b)Determine the amount of net income during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the shareholders were paid $53,000 in cash dividends during the year (no additional purchase of common stock).(c)Determine the amount of net income earned during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the shareholders paid for $35,000 of common stock in June of the current fiscal year (no dividends).(d)Determine the amount of net income earned during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. However, the shareholders paid for $12,000 of common stock in August of the current fiscal year and were paid twelve monthly cash dividends of $1,500 each during the year.​

---

Definitions:

Agenda Item

A specific topic or issue to be discussed or acted upon during a meeting, usually listed in the agenda document.

Surface Language

The literal or overt meaning of language, as opposed to the underlying or implicit meanings.

Wardrobe Engineering

The strategic planning and selection of clothing and accessories to enhance an individual’s appearance for personal or professional purposes.

First Impression

The initial judgment or feeling one has about someone or something upon first encounter.