Homework Answers
a)
Total assets = $1,200,000
Total liabilities = $850,000
Net worth = Total assets - Total liabilities
= 1,200,000 - 850,000
= $350,000
b)
Net worth increased in the year 2002 compared to the year 2001 due net income earned in the year 2002.
c)
Income statement
| Total revenues | 300,000 |
| Total expenses | - 265,000 |
| Profit before taxes | 35,000 |
| Income tax expense | - 17,500 |
| Net income (Income after taxes) | $17,500 |
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