Four different corporations, Aries, Gemini, Leo, and Pisces, show the samebalance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows:
| Total Assets |
Total Liabilities |
| Beginning of the year |
$111,600 |
|
$44,600 |
|
| End of the year |
$178,600 |
|
$75,000 |
On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year.
(Hint: First determine the amount of increase or decrease in stockholders' equity during the year.)
Aries: No additional capital stock was issued, and no dividends were paid.
Gemini: No additional capital stock was issued, but dividends of $7,700 were paid.
Leo: Additional capital stock of $23,900 was issued, but no dividends were paid.
Pisces: Additional capital stock of $45,400 was issued, and dividends of $9,200 were paid.