Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Please give me answer general accounting question

Calculate the net income earned during the year. Assume
that the change to shareholder's equity results only from
net income earned during the year.
Assets
Liabilities
Balance, Jan. 1, 2015
$112,500 $90,000
Balance, Dec. 31, 2015 $90,000 $45,000
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Transcribed Image Text:Calculate the net income earned during the year. Assume that the change to shareholder's equity results only from net income earned during the year. Assets Liabilities Balance, Jan. 1, 2015 $112,500 $90,000 Balance, Dec. 31, 2015 $90,000 $45,000
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