company had total liabilities of 356,000. at year end reported total liabilities of 394,000. total assetts...
Homework Answers
Answer:
i.Calculation of Increase in stockholders' Equity:
Assets = Liabilities + Stockholders' equity. So,
Increase in Assets = Increase in Liabilities + Increase in stockholders' equity
$67,000 = [394,000-356,000] + Increase in stockholders' equity
$67,000 = $38,000 + Increase in stockholders' equity
Increase in stockholders' equity = $67,000 - $38,000
Increase in stockholders' equity = $29,000
ii. Calculation of Increase in Retained earnings:
Increase in stockholders' equity = Increase in paid-in capital + Increase in retained earnings
$29,000 = $0 + Increase in retained earnings [Given that no additional stock. Hence, increase in paid-in capital = $0]
Increase in retained earnings = $29,000.
iii. Calculation of Net income:
Net income = Increase in retained earnings + Dividends
Net income = $29,000 + $8,500
Net income = $37,500
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