Question: In 2021, Bridgestone Spa reported revenue of $45,000. Total expenses for the year were $36,000. Bridgestone Spa ended the year with total assets of $25,000, and it owed debts totaling $12,000. At year-end 2020, the business reported total assets of $22,000 and total liabilities of $10,000. A. Compute Bridgestone Spa's net income for 2021. B. Did Bridgestone Spa's stockholders' equity increase or decrease during 2021? By how much?

Question: In 2021, Bridgestone Spa reported revenue of $45,000. Total expenses for the year were $36,000. Bridgestone Spa ended the year with total assets of $25,000, and it owed debts totaling $12,000. At year-end 2020, the business reported total assets of $22,000 and total liabilities of $10,000. A. Compute Bridgestone Spa's net income for 2021. B. Did Bridgestone Spa's stockholders' equity increase or decrease during 2021? By how much?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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