Essay
At the end of 2016, Lumos Company reported the following amounts on its balance sheet:
Answer each of the following independent questions:
A. Assume that Lumos' stockholders' equity on January 1, 2016 was $264,000. Lumos did not issue common stock during the year, but it paid $36,000 cash in dividends. How much is Lumos' net income or loss for 2016?
B. Assume that Lumos' stockholders' equity on January 1, 2016 was $236,000, and that Lumos issued additional common stock of $70,000 and paid $44,000 in cash dividends before the end of 2016. What was Lumos' net income or net loss for 2016?
Correct Answer:
Verified
Correct Answer:
Verified
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