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Great City Builders, Inc., balance sheet data at May 31, 2012, and June 30, 2012, follow

Great City Builders, Inc., balance sheet data at May 31, 2012, and June 30, 2012, follow
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Solution Guide / Answer Key:

ACCOUNTING

E1-18 Using the accounting equation to analyze business transactions

Great City Builders, Inc., balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012 June 30, 2012
Total assets $177,000 $213,000
Total liabilities $ 122,000 $144,000

Requirement
1. Following are three situations about stockholders’ investments and dividends of
the business during June. For each situation, compute the amount of net income
or net loss during June 2012.

a. The company issued $6,000 of common stock and paid no dividends.
b. The company issued no common stock. It paid dividends of $10,000.
c. The company issued $18,000 of common stock and paid dividends of $20,000.

 

FILE: MS WORD

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