Reference no: EM132631154

Questions -

Q1) Annapolis Corporation's trial balance included debits to expense accounts of $105,000, credits to revenue accounts of $237,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss. Enter a loss as a negative number.

Q2) Baltimore Company reports total assets and total liabilities of $226,000 and $120,000, respectively, at the conclusion, of its first year of business. The company earned $79,500 during the first year, and distributed $31,000 to shareholders as dividends. How much did shareholders initially invest in the business? Please show work then state the answer for each problem.