ACC 151 Ch 01 In-Class Exercise.pdf

ACC 151 Ch 01 In-Class Exercise.pdf - Use the Accounting...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Use the Accounting Equation & Statement of Retained Earnings to Calculate Net Income or Net Loss Based in Information Provided Norton, Inc.'s comparative balance sheet at January 31, 2017, and 2016, reports the following (in millions) 2017 2016 Total Assets 76 $ 52 $ Total Liabilities 23 14 Situation #1 Situation #2 Situation #3 Total stockholders’ equity, January 31, 2016 Net income Issuances of stock Net loss Dividends declared Total stockholders’ equity, January 31, 2017 Three situations about Norton's issuance of stock and declaration and payment of dividends during the year ended January 31, 2017, follow. For each situation, use the accounting equation and the statement of retained earnings to compute the amount of Norton's net income or loss during the year ended January 31, 2017. 1. Norton issued $7 million of stock and declared no dividends. 2. Norton issued no stock but declared dividends of $5 million. 3. Norton issued $29 million of stock and declared dividends of $8 million.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Assume the Island Coffee Roasters Corp. ended the month of August 2017 with this data:
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern