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Question(s) / Instruction(s):

ACCT2020 A tabular analysis of the transactions made during August 2012 by Nigel Company during its first month of operations is shown below. Each increase and decrease in stockholders\' equity is explained.

 

Assets

=

Liabilities

+

Stockholder Equity

Sr No

Cash

+

Acc Receivables

+

Supplies

+

Equipment

=

Acc Payable

+

Common Stock

+

Revenues

-

Expenses

-

Dividends

1

 $ 14,842

   

+

+

=

+

 $  14,842

+

-

-

2

 $ (1,531)

   

+

+

 $  5,292

=

 $   3,761

+

+

-

-

3

 $     (875)

   

+

 $    875

+

=

+

+

-

-

4

 $    4,618

 

 $  3,869

+

+

=

+

+

 $  8,487

-

-

5

 $ (1,711)

   

+

+

=

 $ (1,711)

+

+

-

-

6

 $ (1,598)

   

+

+

=

+

+

-

-

 $ (1,598)

7

 $     (502)

   

+

+

=

+

+

-

 $     (502)

-

8

 $       482

 

 $   (482)

+

+

=

   

+

-

-

9

 $ (3,450)

   

+

+

=

   

+

-

 $  (3,450)

-

10

     

+

+

=

 $       447

   

+

-

 $     (447)

-

 

Required:

1              Determine how much stockholders\' equity increased for the month.

2              Compute the net income for the month.

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