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

question 181

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: $\begin{array}{lrr}& \underline{\text {Jan. 1}} &\underline{\text {Dec. 31}}\\\text { Total assets } & \$ 280,000 & \$ 475,000 \\\text { Total liabilities } & 205,000 & 130,000\end{array}$ (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 sharehol ders 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 sharehol ders 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 sharehol ders paid for $\$ 12,000$ of common stock in August of the current fiscal year and were paid twel ve monthly cash dividends of $\$ 1,500$ each during the year.

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Definitions:

Occasion Time

Specific moments or periods designated for particular events, activities, or celebrations, often marked by cultural, social, or personal significance.

Deadline Time

The specific time or date by which a task or project needs to be completed.

Thrill Of The Hunt

The excitement or pleasure derived from searching for and acquiring items, particularly those that are rare, challenging to find, or bargains.

Emotional States

Temporary conditions of feeling or affect that influence individuals' perceptions, decision-making processes, and behaviors.