Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 30

Net income and stockholders' equity for four businesses
Four different corporations, Amber, Blue, Coral, and Daffodil, 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 preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. ( Hint: First determine the amount of increase or decrease in stockholders' equity during the year.)