Homework Answers
Answer :- 49700
Explanation:-
First:-
determine the beginning and ending Shareholders' Equity (SE): Assets - Liabilities = SE
Second, determine the change in SE. Remember REDS: R = Revenues (increase SE), E =Expenses (decrease SE), D = Dividends (decrease SE), and S = new Stock (increase SE).
Beginning SE + R - E - D + S = Ending SE
Third, Net Income (NI) = R - ELastly, solve for NI: Beginning SE + NI - D + S = Ending SE; NI = Ending SE - Beginning SE + D - S
From above
SE= 70000-40000 = 30000
Change = 130000 - 50000 = 80000
Net income = 80000 - 30000 - 300
= 49700
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