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    kxiong's Avatar
    kxiong Posts: 1, Reputation: 1
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    #1

    Jan 30, 2011, 03:11 PM
    Net Income from Total Assets and Liabilities?
    Lily Company had the following assets and liabilities on the dates indicated.

    December 31 Total Assets Total Liabilities
    2007 $403,000 $250,000
    2008 $480,000 $302,000
    2009 $620,000 $403,000

    Lily began business on January 1, 2007, with an investment of $106,000.

    Instructions

    From an analysis of the change in stockholder's equity during the year, compute the net income (or loss) for the following situations. (If a net loss, record amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

    (a) 2007, assuming Lily paid $21,000 in dividends for the year.

    (b) 2008, assuming stockholders made and an additional investment of $50,000 and Lily paid no dividends in 2008.

    (c) 2009, assuming stockholders made an additional investment of $16,000 and Lily paid dividends of $34,000 in 2009.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jan 30, 2011, 06:03 PM

    What is your question and what have you attempted so far to solve this problem?

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