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Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land) Accounts payable Note payable Equity, December 31, Year 11 Add: Net income Add: Owner's investment Less: Dividends Year 1 $ 43,989 23,878 3,767 Equity, December 31, Year 2 115,622 45,244 0 0 62,775 $ Year 2 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 $35,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. $ 6,764 18,720 2,759 123,160 54,244 150,826 37,638 31,135 88,464 35,000 35,000 35,000

Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land) Accounts payable Note payable Equity, December 31, Year 11 Add: Net income Add: Owner's investment Less: Dividends Year 1 $ 43,989 23,878 3,767 Equity, December 31, Year 2 115,622 45,244 0 0 62,775 $ Year 2 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 $35,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. $ 6,764 18,720 2,759 123,160 54,244 150,826 37,638 31,135 88,464 35,000 35,000 35,000

FINANCIAL ACCOUNTING
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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Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Net income Add: Owner's investment. Less: Dividends Year 1 $ 43,989 23,878 3,767 115,622 45,244 Equity, December 31, Year 2 0 0 62,775 0 $ 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 $35,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. Year 2 $ 6,764 18,720 2,759 123,160 54,244 150,826 37,638 31,135 88,464 35,000 35,000 35,000
Transcribed Image Text:Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Equity, December 31, Year 1 Add: Net income Add: Owner's investment. Less: Dividends Year 1 $ 43,989 23,878 3,767 115,622 45,244 Equity, December 31, Year 2 0 0 62,775 0 $ 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 $35,000 additional cash in the business in exchange for common stock, and the company paid a $39,600 cash dividend. Year 2 $ 6,764 18,720 2,759 123,160 54,244 150,826 37,638 31,135 88,464 35,000 35,000 35,000
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