Vikram Bhai The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.December 31CashAccounts receivableOffice suppliesYear 2$ 6,42518,3182,699120,511Year 1$ 43,04323,3643,686Office equipment113,136Trucks44,27153,271Building0147,583Land036,828Accounts payableNote payable61,42500,46584,4112. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: DuringYear 2, the owner invested $32,000 additional cash in the business in exchange for common stock, and the company paid a $39,600cash dividend.Equity, December 31, Year 1Add: Owner's investmentAdd: Net incomeLess: Dividends32,00032,00039,600Equity, December 31, Year 2$(7,600)

Name: Vikram Bhai The accounting records of Nettle Distribution show the fol
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Description: Vikram Bhai The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 andYear 2.December 31CashAccounts receivableOffice suppliesYear 2$ 6,42518,3182,699120,511Year 1$ 43,04323,3643,686Office

STATEMENT OF SHAREHOLDERS EQUITYStatement of Shareholders Equity is also Known as Changes in…

Business

Accounting

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Year 2 $ 6,425 18,318 2,699 120,511 Year 1 $ 43,043 23,364 3,686 Office equipment 113,136 Trucks 44,271 53,271 Building 0 147,583 Land 0 36,828 Accounts payable Note payable 61,425 $0,465 0 84,411 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $32,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. Equity, December 31, Year 1 Add: Owner's investment Add: Net income Less: Dividends 32,000 32,000 39,600 Equity, December 31, Year 2 $ (7,600)

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable Office supplies Year 2 $ 6,425 18,318 2,699 120,511 Year 1 $ 43,043 23,364 3,686 Office equipment 113,136 Trucks 44,271 53,271 Building 0 147,583 Land 0 36,828 Accounts payable Note payable 61,425 $0,465 0 84,411 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $32,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. Equity, December 31, Year 1 Add: Owner's investment Add: Net income Less: Dividends 32,000 32,000 39,600 Equity, December 31, Year 2 $ (7,600)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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