Required information[The following information applies to the questionsdisplayed below.]The accounting records of Nettle Distribution showfollowing assets and liabilities as of December 31 foand Year 2.December 31CashAccounts receivableOffice suppliesOffice equipmentTrucksBuildingLandAccounts payableNote payableEquity, December 31, Year 1Add: Owner's investmentAdd: Net incomeYear 1$ 47,58425,8294,074125,07148,942Less: Dividends0067,9050Year 2$ 8,05320, 2502,984133, 2242. Compute net income for Year 2 by comparing total equthese two years and using the following information: Durirowner invested $32,000 additional cash in the business incommon stock, and the company paid a $24,000 cash div57,942163,15240,71333,679103,8650

INTRODUCTION: The accounting equation depicts the connection between assets, liabilities, and…

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fa and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 47,584 25,829 4,074 125,071 48,942 0 67,905 Year 2 $ 8,053 20,250 2,984 133, 224 57,942 163,152 40,713 33,679 103,865 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Duri owner invested $32,000 additional cash in the business i common stock, and the company paid a $24,000 cash di

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show following assets and liabilities as of December 31 fa and Year 2. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 47,584 25,829 4,074 125,071 48,942 0 67,905 Year 2 $ 8,053 20,250 2,984 133, 224 57,942 163,152 40,713 33,679 103,865 2. Compute net income for Year 2 by comparing total equ these two years and using the following information: Duri owner invested $32,000 additional cash in the business i common stock, and the company paid a $24,000 cash di

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 1.4C

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