Ending assets = Cash + Accounts receivable + Equipment
= 47,500 + 26,900 + 48,000
= $122,400
Ending liabilities = Accounts payable + Notes payable
= 8,000 + 2,850
= $10,850
Ending equity = Ending assets - Ending liabilities
= 122,400 - 10,850
= $111,550
Ending equity = Common stock + Ending retained earnings
111,550 = 98,000 + Ending retained earnings
Ending retained earnings = $13,550
Ending retained earnings = Beginning retained earnings + Net income - Dividends
13,550 = 0 + Net income - 0
Net income = $13,550
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