1 answer

Required information [The following information applies to the questions displayed below.] The accounting records of Nettle...

Question:

Required information

[The following information applies to the questions displayed below.]
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.

December 31 2018 2019
Cash $ 51,084 $ 9,307
Accounts receivable 27,729 21,740
Office supplies 4,374 3,204
Office equipment 134,271 143,024
Trucks 52,542 61,542
Building 0 175,153
Land 0 43,707
Accounts payable 72,900 36,156
Note payable 0 118,860

Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 2019, the owner invested $37,000 additional cash in the business and withdrew $36,000 cash for personal use.


Answers

Stockholders equity:

2018:

= $51,084 + $27,729 + $4,374 + $134,271 + $52,542 - $72,900

= $197,100

2019:

= $9,307 + $21,740 + $3,204 + $143,024 + $61,542 + $175,153 + $43,707 - $36,156 - $118,860

= $302,661

Net income 2019:

= $302,661 + $36,000 - $197,100 - $37,000

= $104,561

.

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