Answer 2:
Net Income = $47,000
Answer 1:
Balance sheet as at beginning and end of the year, 2000:
Balance sheet Jan 1:
Total assets =150000 + 20000 + 15000 = $185,000
Retained earnings (balancing figure) = 185000 - 10,500 - 150000 = $24,500
Balance sheet Dec 31:
Retained earnings = 24,500 + 47000 = $71,500
Accounts payable = 10500 +50000 + 60000 - 7000 = $113,500
Account receivable = 15000 - 4000 = $11,000
Inventory (Raw material) = 20000 + 60000 - 8000 = $72,000
Cash = 150000 + 50000 - 90000- 15000 + 70000 + 4000 - 7000 =$162,000
economic.asap!! Page 5 of 6 Problem 5 1. At the beginning of the year, on 01/01/2000, Alice had S$150,000 cash as c...
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