Homework Answers
DETERMINE NET INCOME
Increase in equity = 65000
Less: issue of common stock = (20000)
Add: dividend = 5000
Net Income= 50,000
2)
a
| Income statement | |
| Service revenue | $35,550 |
| Less: Expenses | ($26,000) |
| Net income | $9,550 |
Service revenue = Increase in retained earnings + Dividend + cash expense
=$7,550+$2,000+$26000
=$35,550
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