The total assets and liabilities of Robot Company at January 1 and December 31, 2022are presented here.January 1 December 31Assets $76,000 $112,000Liabilities 26,000 28,800Instructions:Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses.Assume additional stock was issued for $4,800 and no dividends were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues.

The difference between the Total Assets and Total Liabilities of a Business Entity is known as its…

Answered: Assume dividends of $10,800 were paid…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 55E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...

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The total assets and liabilities of Robot Company at January 1 and December 31, 2022are presented here.
January 1 December 31
Assets $76,000 $112,000
Liabilities 26,000 28,800

Instructions:

Assume dividends of $10,800 were paid and no additional stock was issued during the year. Revenues were $110,000. Compute (a) net income, and (b) expenses.
Assume additional stock was issued for $4,800 and no dividends were paid during the year. Expenses were $42,000. Compute (a) net income, and (b) revenues.

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