Question

In: Accounting

On December 31, 2019, Little Corporation's Assets and Liabilities were $66,000 and $15,000 respectively. On December...

On December 31, 2019, Little Corporation's Assets and Liabilities were $66,000 and $15,000 respectively. On December 31, 2020, the assets and liabilities were $94,000 and $28,000 respectively. During 2020, the company issued $7,000 of additional stock, and paid $3,000 of dividends. Determine the company’s net income for 2020.

Solutions

Expert Solution

   Assets Liabilities Equity
Beginning of the year $                             66,000 $                                     15,000 $             51,000
End of the year $                             94,000 $                                     28,000 $             66,000
Equity at the end of year $                       66,000.00
Add: dividend paid during the year $                         3,000.00
Less: Additional capital $                        (7,000.00)
Less: Opening capital $                     (51,000.00)
Net income for the year $                       11,000.00

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $655,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $35,000. Accounts payable $73,500 Accounts receivable 288,000 Cash 186,000 Fees earned 905,900 Land 542,000 Miscellaneous expense 6,600 Rent expense 30,000 Supplies 5,100 Supplies expense 4,200 Utilities expense 26,500 Wages...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $645,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $37,000. Accounts Amounts Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918,700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Supplies 6,000 Supplies expense 4,200 Utilities expense...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $650,000 on January 1, 2019, the beginning of the year. During the year, Ian withdrew $36,000. Accounts Amounts Accounts payable $68,000 Accounts receivable 267,000 Cash 183,000 Fees earned 897,600 Land 544,000 Miscellaneous expense 6,200 Rent expense 35,000 Supplies 5,200 Supplies expense 4,200 Utilities expense...
Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year...
Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $30,300 $26,600 Inventory 63,500 73,800 Accounts payable 19,800 16,400 Dividends payable 25,000 27,000 Adjust net income of $124,400 for changes in operating assets and liabilities to arrive at net cash flow from operating activities
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $1,341,000 on January 1, 2018, the beginning of the year. During the year, dividends of $75,000 were paid. Accounts payable $ 69,500 Accounts receivable 236,500 Cash 190,500 Common stock 450,000 Fees earned 383,500 Land 1,500,000 Miscellaneous expense 14,500 Rent expense 22,500 Supplies 7,000 Supplies expense 11,300 Utilities...
Presented below are the amounts of assets and liabilities of BPA, Inc. as of December 31,...
Presented below are the amounts of assets and liabilities of BPA, Inc. as of December 31, 2017, and revenues and expenses of the company for the year ended on that date. Sales $ 18,000,000 Cost of Goods Sold $ 13,500,000 Wages Expense $   2,700,000 Common Stock $   2,250,000 Cash $   2,059,650 Building $   1,350,000 Mortgage Payable - Long Term $   1,012,500 Notes Payable - Long Term $      675,000 Marketing Expense $      607,500 Accounts Receivable $      517,500 Equipment $      450,000 Accounts...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2020, the end of the year, and its revenue and expenses for the year follow. The capital of Ian Eisele, owner, was $670,000 on January 1, 2020, the beginning of the year. During the year, Ian withdrew $42,000. Accounts Payable 69,500 Rent Expense 36,000 Accounts Receivable 285,000 Supplies 5,000 Cash 190,500 Supplies Expense 4,100 Fees Earned 912,500 Utilities Expense 28,500 Land 544,000 Wages Expense 510,000 Mis....
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Accounts payable $ 69,500 Accounts receivable 285,000 Cash 190,500 Common stock 70,000 Fees earned 912,500 Land 544,000 Miscellaneous expense 6,400 Rent expense 36,000 Supplies 5,500 Supplies expense 4,100 Utilities...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...
The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. During the year, Ian withdrew $37,000. Accounts Amounts At Jan. 1, 2016: Ian Eisele, capital $645,000 At Dec. 31, 2016: Accounts payable $73,000 Accounts receivable 277,000 Cash 191,500 Fees earned 918,700 Land 547,000 Miscellaneous expense 6,000 Rent expense 34,000 Supplies 6,000 Supplies expense 4,200 Utilities expense 29,000 Wages expense 505,000 Required:...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue and expenses for the year follow. The retained earnings were $625,000 on January 1, 2018, the beginning of the year. During the year, dividends of $41,000 were paid. Accounts payable $ 68,500 Accounts receivable 274,000 Cash 187,500 Common stock 70,000 Fees earned 869,200 Land 544,000 Miscellaneous expense 6,500 Rent expense 40,000 Supplies 5,300 Supplies expense 4,400 Utilities...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT