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Compute the missing amount for Felix Company. You will need to work through total stockholders equity.

Beginning:

Assets . . . . . . . . . . . $45,000

Liabilities . . . . . . . .29,000

Ending: Assets . . . . . . . . . . .$55,000

Liabilities . . . . . . . .38,000

Stockholders Equity: Issuance of stock . . . . . . . .$ 0

Dividend payments . . . . . . .19,000

Income Statement: Revenues . . . . . . . . . . . . . .$242,000

Expenses . . . . . . . . . . . . . .? --------------- Requirements

1. Did Felix earn a net income or suffer a net loss for the year? Compute the amount.

2. Would you consider Felixs performance for the year to be good or bad? Give your reason.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91050608
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