Shep Company's records show the following information for the current year:
Beginning of
year
End of year
Total assets
S
56,800
$
88,500
Total liabilities
$ 25,400
$
38,400
Determine net income (loss) for each of the following separate situations. (For all requirements, losses should be entered with a
minus sign.)
a. Additional common stock of $6,400 was issued, and dividends of $10,400 were paid during the current year.
b. Additional common stock of $15,850 was issued, and no dividends were paid during the current year.
c. No additional common stock was issued, and dividends of $15,400 were paid during the current year.