Question

Required Informatlon [The following information applies to the questions displayed below] The accounting records of Nettle Distribution show the following assets and labi ities as of December 31, 2016 and 2007. Part 2 of 3 016 Cash Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable Note payable $ 55,857 $1e,731 23,431 4,7143,453 144,714 154, 148 56,629 65, 629 0 188,776 47,186 38,969 135,882 0.41 points 00:40:11 78,576 eBook Print References 2. Compute net income for 2017 by comparing total equrty amounts for these two yeers and using the folowing information 2017, the owner Invested $33,000 additional cash In the business (in exchange for common stock) and the company pald $45.600 cash in dividend Equity, December 31, 2018 ... 369.570 Add: Net income 3.000 402.5701 45.600 Less: Dividends 309.5 52.600) Equity. December 31, 2017 12 Next >

Answer 1

A	B	C	D	E	F	G	H	I	J
2
3			2016	2017		2016	2017
4		Cash	$55,057	$10,731	Accounts Payable	78570	38969
5		Accounts Receivable	$29,883	$23,431	Notes Payable	0	135882
6		Office Supplies	$4,714	$3,453	Total Liabilities	78570	174851
7		Total Current Assets	$89,654	$37,615
8		Office Equipment	$144,714	$154,148	Stockholders' Equity	$212,427	$311,423	=H12-H6
9		Trucks	$56,629	$65,629
10		Building	$0	$188,776
11		Land	$0	$40,106
12		Total Assets	$290,997	$486,274	Tota liabilities and stockholders Equity	$290,997	$486,274	=E12
13
14
15		Equity Dec 31 2016	$212,427	=G8
16		Add: Net Income	$111,596	=D20+D19-D15-D17
17		Additonal Cash Invested	$33,000	33000
18			$357,023	=D15+D16+D17
19		Less Dividends	$45,600	45600
20		Equity Dec 31 2017	$311,423	=H8
21

Formula sheet

A	B	C	D	E	F	G	H	I	J
2
3			2016	2017		2016	2017
4		Cash	55057	10731	Accounts Payable	78570	38969
5		Accounts Receivable	29883	23431	Notes Payable	0	135882
6		Office Supplies	4714	3453	Total Liabilities	=SUM(G4:G5)	=SUM(H4:H5)
7		Total Current Assets	=SUM(D4:D6)	=SUM(E4:E6)
8		Office Equipment	144714	154148	Stockholders' Equity	=G12-G6	=H12-H6	=getformula(H8)
9		Trucks	56629	65629
10		Building	0	188776
11		Land	0	40106
12		Total Assets	=D7+SUM(D8:D11)	=E7+SUM(E8:E11)	Tota liabilities and stockholders Equity	=D12	=E12	=getformula(H12)
13
14
15		Equity Dec 31 2016	=G8	=getformula(D15)
16		Add: Net Income	=D20+D19-D15-D17	=getformula(D16)
17		Additonal Cash Invested	33000	=getformula(D17)
18			=D15+D16+D17	=getformula(D18)
19		Less Dividends	45600	=getformula(D19)
20		Equity Dec 31 2017	=H8	=getformula(D20)
21