I-01.04 Problem

I-01.04 Problem - Revenues, 20X2 90,000 $ Dividends, 20X3...

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I-01.04 Sketchy Company provided the following very limited set of data. Use this information to determine net income for the years ending December 31, 20X1, 20X2, 20X3, and 20X4. The company was formed at the beginning of January, 20X1 by issuing $100,000 of capital stock. No additional shares were issued during the 4-year period. The company's 20X4 dividends were equal to 50% of the 20X4 net income.
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Unformatted text preview: Revenues, 20X2 90,000 $ Dividends, 20X3 15,000 Total equity, December 31, 20X3 210,000 Total liabilities, December 31, 20X3 220,000 Retained earnings, December 31, 20X1 41,000 Expenses, 20X2 44,000 Retained earnings, December 31, 20X2 80,000 Dividends, 20X1 10,000 Total assets, December 31, 20X4 500,000 Increase in liabilities, 20X4 50,000...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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