E 1-9 An analysis of transactions for J, L. Kang \& Co. was peesenfed in : :1.8,
Irstructions
Prepare an income statement and a retained earnings statement for August and a balance sheet at August 31, 2014.
E1-10 Kimmy Company had the following assets and liabilities on the dates indicated.
\begin{tabular}{ccccc}
December 31 & & Total Assets & & Total Liabilities \\
\cline { 1 - 2 } \cline { 5 - 6 } & & \( \$ 400,000 \) & & \( \$ 260,000 \) \\
2013 & & \( \$ 480,000 \) & & \( \$ 300,000 \) \\
2015 & & \( \$ 590,000 \) & & \( \$ 400,000 \)
\end{tabular}
Kimmy began business on January 1, 2013, with an investment of \( \$ 100,000 \) from stockholders.
Instructions
From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for:
(a) 2013, assuming Kimmy paid \( \$ 15,000 \) in dividends for the year.
(b) 2014, assuming stockholders made an additional investment of \( \$ 50,000 \) and Kimmy paid no dividends in 2014 .
(c) 2015, assuming stockholders made an additional investment of \( \$ 15,000 \) and Kimmy paid dividends of \( \$ 30,000 \) in 2015 .
