Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was $1,500,000 and it distributed S500,000 to owners in the form of dividends. Its beginning-of-ye equity balance was S12,000,000. Use this Information and the Income statement located In th week's resources to construct the buslness's statement of changes In equity. What Is the end. 2020 value of the busIness's equlty? Income statement for Southeast Home Care
Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was $1,500,000 and it distributed S500,000 to owners in the form of dividends. Its beginning-of-ye equity balance was S12,000,000. Use this Information and the Income statement located In th week's resources to construct the buslness's statement of changes In equity. What Is the end. 2020 value of the busIness's equlty? Income statement for Southeast Home Care
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was
$1,500,000 and it distributed S500,000 to owners in the form of dividends. Its beginning-of-year
equity balance was S12,000,000. Use this Informatlon and the Income statement located In this
week's resources to construct the busIness's statement of changes In equlty. What Is the ending
2020 value of the busIness's equlty?
Income statement for Southeast Home Care
Revenue 2020
New Patient Service Revenue
S 400,000.00
Other Revenue
S 10,000.00
Net Operating Revenues
$ 410,000.00
(Less Sales Returns and Allowances)
S (1,000.00)
Total Revenues
S 409,000.00
Expenses 2020
Purchased Service
S 90,000.00
Salaries and Benefits
S 150,000.00
General Administrative Expenses
S 70,000.00
Interest Expense
$ 20,000.00
Depreciation Expense
$ 90,000.00
Total Expenses
S 420,000.00
S (11,000.00)
Investment Income
$40,000
Net Income (loss)
S 29,000.00
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