Question: Toth Company had the following assets and liabilities on the dates indicated.
|
December 31
|
Total Assets
|
Total Liabilities
|
| 2014 |
$482,088 |
$302,960 |
| 2015 |
$562,088 |
$352,960 |
| 2016 |
$692,088 |
$452,960 |
Toth began business on January 1, 2014, with an investment of $91,815 from stockholders.
From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for:
(a) 2014, assuming Toth paid $15,571 in dividends for the year.
(b) 2015, assuming stockholders made an additional investment of $47,386 and Toth paid no dividends in 2015.
(c) 2016, assuming stockholders made an additional investment of $18,547 and Toth paid dividends of $18,158 in 2016.