University of Mississippi Fin Fin 201 The total assets and total liabilities of Paul’s Pools and Palaces…
The total assets and total liabilities of Paul’s Pools and Palaces at the beginning and at the end of the current fiscal year are as follows:
Jan. 1 Total assets = $280,000 Total liabilities = 205,000
Dec. 31 Total assets = $475,000 Total liabilities = 130,000
a. Determine the amount of net income earned during the year. No additional common stock was issued and no cash dividends were paid.
b. Determine the amount of net income during the year. The assets and liabilities at the beginning and at the end of the year are unchanged from the amounts presented above. no additional common stock was issued but cash dividends of $53,000 were paid.
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