Net Income and Stockholders' Equity for Four Businesses
Four different corporations, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows:
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.)
Cancer: No additional common stock was issued, and no dividends were paid.
Libra: No additional common stock was issued, but dividends of $5,900 were paid.
Sagittarius: Additional common stock of $31,900 was issued, but no dividends were paid.
Virgo: Additional common stock of $14,200 was issued, and dividends of $5,300 were paid.
Enter all amounts as positive numbers.
Cancer ____________$
Libra ____________$
Sagittarius ____________$
Virgo ____________$