four different corporations aries germini leo and pisces 369041

Four different corporations, Aries, Germini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders’ equity, are summarized as follows:



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.

Aries: No additional capital stock was issued and no dividends were paid.

Gemini: No additional capital stock was issued, but dividends of $40,000 were paid.

Leo: Additional capital stock of $90,000 was issued, but no dividends were paid.

Pisces: Additional capital stock of $90,000 was issued and dividends of $40,000 were paid.