Calculate the net income earned during the year. Assume that the change to stockholder's equity results...
Calculate the net income earned during the year. Assume that the change to stockholder's equity results only from net income earned during the year.
Balance Jan. 1, 2019
Asset: $50,000
Liabilities: $40,000
Balance Dec 31, 2019
Assets: $35,000
Liabilities: $20,000
Homework Answers
Total assets=Total liabilities+Total equity
Total equity at beginning=(50,000-40,000)=$10,000
Total equity at end=(35000-20,000)=$15,000
Ending equity=Beginning equity+Net income
Net income=(15000-10,000)
=$5,000
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Calculate the net income earned during the year. Assume that the
change to stockholder's equity results...
calculate net income earned that year Balance Jan 1, 2019 Balancd Dec 31, 2019 Assets $...
calculate net income earned that year
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