Required information [The following information applies to the questions displayed below.] The accounting records of Nettle...
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.
Homework 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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Required information
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The accounting records of Nettle...
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle...
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 Required: 1. Prepare balance sheets for the business as of December 31,...
Required information [The following information applies to the questions displayed below.) The accounting records of Nettle...
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 Cash $ 49,192 Accounts receivable26,702 Office supplies 4,212 Office equipment 129,298 Trucks 50,596 Building 0 Land 0 Accounts payable 70,200 Note payable 0 2019 $ 8,629 20,934 3,085 137, 727 59,596 168, 666 42,089 34,817 110, 755 2. Compute net income for 2019 by comparing total equity...
Required information [The following information applies to the questions displayed below.) The accounting records of Nettle...
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 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable 2018 $ 49,381 26,805 4,228 129,795 50,791 0 0 70, 470 0 2019 $ 8,697 21,015 3,097 138,257 59,791 169, 315 42, 249 34,951 111, 564 2. Compute net income for 2019 by comparing...
How do I find net income? Answer is complete and correct. NETTLE DISTRIBUTION Balance Sheet December...
How do I find net income?
Answer is complete and correct. NETTLE DISTRIBUTION Balance Sheet December 31, 201 Assets Liabilities $ 51,084Accounts payable $ 72,900 Cash Accounts receivable Office supplies Office equipment Trucks Total assets 27,729 4,374 134,271 Equity 52,542Total equity 197,100 $270,000 $270,000 Total liabilities and equity 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, 2016 and 2017 December 31...
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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...
Required information [The following information applies to the questions displayed below.) Part 2 of 3 The...
Required information [The following information applies to the questions displayed below.) Part 2 of 3 The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. 2.5 points December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122, 100 53,855 149,529 37,314 30,867 86,843 eBook 62,235 0 Print 2. Compute net income for...
Required information [The following information applies to the questions displayed below. The accounting records of Nettle...
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 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable 2018 $ 49, 381 26,805 4,228 129,795 50,791 2019 $ 8,697 21,015 3,097 138, 257 59,791 169, 315 42,249 34,951 111, 564 0 70, 470 0 3. Compute the 2019 year-end debt ratio for...
Required Information (The following information applies to the questions displayed below) The accounting records of Nettle...
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 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 5 54,300 26,240 3.15 44, Bee 143,00 2019 $ 15,648 19,100 1.96e 44.ee 157, Bee se, Bee 60,00 33,5ee 40.000 3, See 3. Compute the 2019 year-end debt ratio. Debt Ratio Choose Denominator...
9 Required information The following information applies to the questions displayed below.] The accounting records of...
9 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, 2016 and 2017 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 46,070 7,510 25,007 19,606 2,889 121,093 128,987 47,385 56, 385 157,962 39,418 65,745 32,608 97,380 3,945 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the following...
20 Required Information [The following information applies to the questions displayed below) The accounting records of...
20 Required Information [The following information applies to the questions displayed below) The accounting records of Nettie Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 Cash Accounts receivable office supplies Office equipment Trucks Building 2018 2019 6.300 $15.648 26,240 19,100 3,1601,960 44, 44, eee 148,00 157,00 0 80,000 0 60.000 3,500 33,500 40,000 Land L Accounts payable ote payable 2. Compute net income for 2019 by comparing total equity amounts for these...
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 Cash $ 49,192 Accounts receivable26,702 Office supplies 4,212 Office equipment 129,298 Trucks 50,596 Building 0 Land 0 Accounts payable 70,200 Note payable 0 2019 $ 8,629 20,934 3,085 137, 727 59,596 168, 666 42,089 34,817 110, 755 2. Compute net income for 2019 by comparing total equity...
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 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable 2018 $ 49,381 26,805 4,228 129,795 50,791 0 0 70, 470 0 2019 $ 8,697 21,015 3,097 138,257 59,791 169, 315 42, 249 34,951 111, 564 2. Compute net income for 2019 by comparing...
How do I find net income?
Answer is complete and correct. NETTLE DISTRIBUTION Balance Sheet December 31, 201 Assets Liabilities $ 51,084Accounts payable $ 72,900 Cash Accounts receivable Office supplies Office equipment Trucks Total assets 27,729 4,374 134,271 Equity 52,542Total equity 197,100 $270,000 $270,000 Total liabilities and equity 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, 2016 and 2017 December 31...
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...
Required information [The following information applies to the questions displayed below.) Part 2 of 3 The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. 2.5 points December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122, 100 53,855 149,529 37,314 30,867 86,843 eBook 62,235 0 Print 2. Compute net income for...
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 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable 2018 $ 49, 381 26,805 4,228 129,795 50,791 2019 $ 8,697 21,015 3,097 138, 257 59,791 169, 315 42,249 34,951 111, 564 0 70, 470 0 3. Compute the 2019 year-end debt ratio for...
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 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 5 54,300 26,240 3.15 44, Bee 143,00 2019 $ 15,648 19,100 1.96e 44.ee 157, Bee se, Bee 60,00 33,5ee 40.000 3, See 3. Compute the 2019 year-end debt ratio. Debt Ratio Choose Denominator...
9 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, 2016 and 2017 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 46,070 7,510 25,007 19,606 2,889 121,093 128,987 47,385 56, 385 157,962 39,418 65,745 32,608 97,380 3,945 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the following...
20 Required Information [The following information applies to the questions displayed below) The accounting records of Nettie Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 Cash Accounts receivable office supplies Office equipment Trucks Building 2018 2019 6.300 $15.648 26,240 19,100 3,1601,960 44, 44, eee 148,00 157,00 0 80,000 0 60.000 3,500 33,500 40,000 Land L Accounts payable ote payable 2. Compute net income for 2019 by comparing total equity amounts for these...
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