18 Feb 1. Weiss Company was started on January 1, 2011, w
1. Weiss Company was started on January 1, 2011, when it acquired $50,000 cash from its owner(s). During 2011 the company earned $72,000 of net income. Explain how the equity section of Weiss’s December 31, 2011, balance sheet would differ if the company were a proprietorship versus a corporation.2. On January 1, 2010, Janell Company’s Common Stock account balance was $20,000. On April 1, 2010, Janell paid $12,000 cash to purchase some of its own stock. Janell resold this stock on October 1, 2010, for $14,500. What is the effect on the company’s cash and stockholders’ equity from both the April 1 purchase and the October 1 resale of the stock?
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