How much was mega net income for the year

Assignment Help Accounting Basics
Reference no: EM132190824

Question - Megn Corporation had beginning total liabilities of $40,OOO and ending total liabilities of $60,000. The beginning balance in stockholders' equity was $50,000. During the year, total assets increased $35,000. In addition, capital stock of $1O,000 was issued and dividends of $5,000 were declared and paid. How much was Mega's net income for the year? HINT: Use changes in the accounting equation to answer this problem.

a. $20,000

b. $15,000

c. $10,000

d. $5,000

e. None of these

Reference no: EM132190824

Questions Cloud

Journalize the transactions of january : Journalize the transactions of January 31, June 14, and November 23. Refer to the Chart of Accounts for exact wording of account titles
Identify physics principles in various real-world examples : Identify physics principles in various real-world examples: using cellphones, CD's. Identify the use of the scientific method in a modern physical problem.
Discuss how each philosophers writings influenced : Discuss how each philosopher's writings and ideas influenced the founding fathers as they developed the values of American.
Identify the physics principles contained within scenario : In a two-page paper, identify the physics principles contained within the following scenario. Explain how these principals connect to electricity, magnetism.
How much was mega net income for the year : In addition, capital stock of $1O,000 was issued and dividends of $5,000 were declared and paid. How much was Mega's net income for the year
Identify physics principles contained within the scenario : In a two-page paper, identify the physics principles contained within the following scenario. Explain how these principals connect to Einstein's theory.
What is the role of groups on attitude formation : What is the role of groups on attitude formation? How much of an influence do groups have on public opinion?
How the given applications impact society : In a two-page paper, research three examples of technologies that use quantum mechanics. Explain, in your own words, how these applications impact society.
How much of a tax-deductible contribution can jacob make : During 2018, Jacob, a 19 year old full-time student, earned $4,500 during the year, How much of a tax-deductible contribution can Jacob make to an IRA

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  The zoe corporation has the following information for the

the zoe corporation has the following information for the month of march. prepare aa schedule of cost of goods

  When entering a transaction in the journal

When entering a transaction in the journal, should the debit or credit be written first?

  Prepare the stockholders equity section of the balance sheet

Layes Corporation has been authorized to issue 20,000 shares of $100. Prepare the stockholders' equity section of the balance sheet at December 31, 2017.

  Controlling inventory has evolved with the widespread use

controlling inventory has evolved with the widespread use of technology. describe one advance in technology that helps

  Can you write a report about the data analysis

Can you write a report about the data analysis of the effect on labour when Malaysia participated the Trans-Pacific Partnership Agreement (TPPA)?

  Suppose the facts in preceding exercise except that zeile

assume the facts in the preceding exercise except that zeile company has chosen not to accrue paid sick leave until

  Discriminant function system selected audit

Discriminant Function System selected audit Taxpayer Compliance Measurement Program selected audit

  Discusses about evaluation of contribution margin ratio

The problem belongs to Basic Accounting and it discusses about evaluation of contribution margin ratio

  Champion contractors completed the following transactions

Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business.

  Discuss the costs and methodology to capture those costs

Discuss the costs and methodology to capture those costs for which the GC could make a claim

  What is the net effect on cash from operations

Tucker Enterprises' Accounts Receivable increased by $48,000, and its Accounts Payable increased by $27,000. What is the net effect on cash from operations under the indirect method

  Authorized stock of corporation

The authorized stock of a corporation

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd