Question

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 information: During 2017, the owner invested $34,000 additional cash in the business and withdrew $38,400 cash for personal use Equity, December 31, 2016 e Prev 11 12 of 12 Next >

Answer 1

	2016	2017
Cash	46,070	7,510
Account receivables	25,007	19,606
office supplies	3,945	2,889
office equipment	121,093	128,987
Trucks	47,385	56,385
Building	-	157,962
Land	-	39,418
Total Assests	243,500	412,757
Account spayable	65,745	32,608
Notes payable	-	97,380
Total Liabilities	65,745	129,988
Equity (Assets-Liabilities)	177,755	282,769
Equity Statement
Equity balance as on 31 Dec 2017	282,769
Less: Additiona capital insusion	(34,000)
Add: Withdrawal for personal use	38,400
Less: Equity balance as on 31 Dec 2016	(177,755)
Profit for the year	109,414