The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Year 1 Year 2 Cash $ 50,138 $ 8,968 Accounts receivable 27,216 21,337 Office supplies 4,293 3,144 Office equipment 131,785 140,376 Trucks 51,568 60,568 Building 0 171,910 Land 0 42,899 Accounts payable 71,550 35,487 Note payable 0 114,809 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 $33,000 additional cash in the business in exchange for 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 $33,000 additional cash in the business in exchange for common stock, and the company paid a $44,400 cash dividend
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Year 1 Year 2 Cash $ 50,138 $ 8,968 Accounts receivable 27,216 21,337 Office supplies 4,293 3,144 Office equipment 131,785 140,376 Trucks 51,568 60,568 Building 0 171,910 Land 0 42,899 Accounts payable 71,550 35,487 Note payable 0 114,809 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 $33,000 additional cash in the business in exchange for 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 $33,000 additional cash in the business in exchange for common stock, and the company paid a $44,400 cash dividend
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