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Great City BuilderGreat City Builder​'s balance sheet data at May​ 31, 2018​, and June​ 30, 2018​, ​follow:May 31, 2018 June 30, 2018Total Assets $155000 202000Total Liabilities $144000 77000Begin by identifying the accounting equation and the formula to calculate the change in the​ stockholders' equity during a periodFor each of the following situations that occurred in​ June, 2018 with regard to common stock and dividends of a​ corporation, compute the amount of net income or net loss during June 2018.a. The company issued $7,500 of common stock and paid no dividends.b. The company issued no common stock. It paid cash dividends of $9,000.c. The company issued $ 12 comma 000$12,000 of common stock and paid cash dividends of $8,000.

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Answer:

Explanation:

Lets recall some basic accounting equations:

Total Assets = Total Liabilities + Total Stockholders’ Equity

Ending Stockholders’ Equity = Beginning Stockholders’ Equity + Common Stock Issued + Net Income or Net Loss - Dividends

May 31, 2018:  

Total Stockholders’ Equity = Total Assets - Total Liabilities

Total Stockholders’ Equity = $155,000 - $144,000  = $11,000

June 30, 2018:

Total Stockholders’ Equity = Total Assets - Total Liabilities

Total Stockholders’ Equity = $202,000 - $77,000  = $125,000

Case A:

Ending Stockholders’ Equity = Beginning Stockholders’ Equity + Common Stock Issued + Net Income or Net Loss - Dividends

$125,000 = $11,000 + $7,500 + Net Income/ Loss - $0

Net Income or Net Loss = $106,500

Case B:

Ending Stockholders’ Equity = Beginning Stockholders’ Equity + Common Stock Issued + Net Income or Net Loss - Dividends

$125,000 = $11,000 + $0 + Net Income or Net Loss - $9,000

Net Income or Net Loss = $123,000

Case C:

Ending Stockholders’ Equity = Beginning Stockholders’ Equity + Common Stock Issued + Net Income or Net Loss - Dividends

$125,000 = $11,000 + $12,000 + Net Income or Net Loss - $8,000

Net Income or Net Loss = $110,000

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