Georgio Company began 2014 with net assets of $80,000. Net income calculated by using the capital...
Georgio Company began 2014 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2014 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the owners during 2014 were:
a. $49,000
b. $28,000
c. $23,000
d. $2,000
Homework Answers
Net assets = Total assets - Total Liabilities = Stockholders' Equity
Beginning Stockholders' Equity 80,000
Add: Net income 21,000
Owners' contribution 26,000
Total 12,7000
Less: Ending Stockholders' Equity 78,000
Dividends $49,000
Answer: a. $49,000
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