of the $29,300 End of the year Net Income

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of the $29,300 End of the year Net Income

business accounting

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Answer 1

Answer #1

Capital at Beginning of the year = Total Assets Beginning of the year - Total Liabilities at Beginning of the year

Beginning capital = $73,300 - $29,300

= $ 44,000

Capital at end of the year = Total Assets end of the year - Total Liabilities at end of the year

Capital at End = $117,300 - $49,300

= $ 68,000

1. Cancer net income = Capital at end of the year - Capital at beginning of the year

= $68,000 - $44,000

=$ 24,000

2. Libra Net Income = Capital at end of the year - Capital at beginning of the year + Dividend paid

= $68,000 - $44,000 + $ 5000

= $ 29,000

3. Sagittarius = Capital at end of the year - Capital at beginning of the year - Additional common stock

= $68,000 - $44,000 - $ 22,000

= $ 2,000

4. Virgo = Capital at end of the year - Capital at beginning of the year - Additional common stock + Dividend paid

= $68,000 - $44,000 - $ 15,500 + $ 5,000

= $ 13,500

Cancer	Net Income	24000
Libra	Net Income	29000
Sagittarius	Net Income	2000
Virgo	Net Income	13500

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Answer 2

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