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How do I find the net/loss income with Assets, Liailities amounts?
December 31
Total Assets Total Liabilities 2013 $490,498 $237,077 2014 $570,498 $287,077 2015 $700,498 $387,077 Kimmy began business on January 1, 2013, with an investment of $92,378 from stockholders. From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for: (a) 2013, assuming Kimmy paid $17,342 in dividends for the year. What is the net/loss income? (b) 2014, assuming stockholders made an additional investment of $45,522 and Kimmy paid no dividends in 2014. What is the net/loss income? (c) 2015, assuming stockholders made an additional investment of $18,206 and Kimmy paid dividends of $17,397 in 2015. What's the net/loss income? |
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For number (a) you first have to find Owners equity for 2013, 2014 and 2015, which is assets - liabilities. Now start with owners equity at 2014 minus owners equity at 2013 minus stock issuances plus dividends equals net income.
Numbers (b) and (c) will be calculated the same way. Just use the numbers for 2014 year and 2015 year. |
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