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 61,425 Note payable 0 0,465 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 32,000 Less: Dividends 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 61,425 Note payable 0 0,465 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 32,000 Less: Dividends 32,000 39,600 Equity, December 31, Year 2 $ (7,600)

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Description: 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$ 6,42518,3182,699Year 1$ 43,04323,3643,686Office equipment113,1361

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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