Determine net income or loss of each company for the year

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Reference no: EM131191071

Four different corporations, Aries, Gemini, Leo, and Pisces, show the samebalance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows:

Total Assets		Total Liabilities
Beginning of the year	$111,600		$44,600
End of the year	$178,600		$75,000

On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year.

(Hint: First determine the amount of increase or decrease in stockholders' equity during the year.)

Aries: No additional capital stock was issued, and no dividends were paid.
Gemini: No additional capital stock was issued, but dividends of $7,700 were paid.
Leo: Additional capital stock of $23,900 was issued, but no dividends were paid.
Pisces: Additional capital stock of $45,400 was issued, and dividends of $9,200 were paid.

Reference no: EM131191071

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