Goetter Corporation's comparative balance sheet appears below:
The company's net income (loss) for the year was $5,000 and its cash dividends were $2,000.
Required:
Classify the change for the year in each balance sheet account as a source, use, or neither a source nor a use. (Do this only for the individual accounts-not for totals or subtotals.)

Question

Goetter Corporation's comparative balance sheet appears below:  
The company's net income (loss) for the year was $5,000 and its cash dividends were $2,000.
Required:
Classify the change for the year in each balance sheet account as a source, use, or neither a source nor a use. (Do this only for the individual accounts-not for totals or subtotals.)

Quizplus · Accepted Answer

The Answer of Goetter Corporation's comparative balance sheet appears below:  
The company's net income (loss) for the year was $5,000 and its cash dividends were $2,000.
Required:
Classify the change for the year in each balance sheet account as a source, use, or neither a source nor a use. (Do this only for the individual accounts-not for totals or subtotals.)

Goetter Corporation's Comparative Balance Sheet Appears Below