Homework Answers
| 2018 | 2019 | Changes | |
| Common stock | 2,00,000 | 2,00,000 | |
| Retained earnings | 11,50,000 | 13,98,120 | 1,398,120 - 1,150,000 = 248,120 |
| Total stockholder equity | 13,50,000 | 15,98,120 | |
| Dividend | 55,000 | ||
| a. | |||
| Addition to Retained earnings = Net income - Dividend | |||
| Thus, Net income = Addition to retained earnings + Dividend | |||
| =248,120 + 55,000 = 303,120 | |||
| So Net income in 2019 is $303,120 | |||
| b. | |||
| Debt ratio is 30% means the remaining value which is equity is 70% of total assets | |||
| So we have equity value i.e. 1,350,000 in 2018 and we can find out the total assets | |||
| Debt ratio = Total debt / total assets | |||
| Equity ratio = Total Equity / total assets | |||
| Thus, Total assets = Total Equity / Equity ratio | |||
| 1,350,000 / 70% = 1,928,571.43 | |||
| So Total assets in 2018 is 1,928,571.43 | |||
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