The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017.
| December 31 | 2016 | 2017 | ||||
| Cash | $ | 48,057 | $ | 8,222 | ||
| Accounts receivable | 26,086 | 20,451 | ||||
| Office supplies | 4,115 | 3,014 | ||||
| Office equipment | 126,314 | 134,548 | ||||
| Trucks | 49,428 | 58,428 | ||||
| Building | 0 | 164,773 | ||||
| Land | 0 | 41,119 | ||||
| Accounts payable | 68,580 | 34,014 | ||||
| Note payable | 0 | 105,892 | ||||
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 $37,200 cash for personal use.
| Equity, December 31, 2016 | $185,420selected answer correct |
| Add: Owner's investment selected answer correct | 34,000selected answer correct |
| Add: Net income selected answer correct | 37,200selected answer incorrect |
| 256,620 | |
| Less: Net loss selected answer incorrect | |
| Equity, December 31, 2017 | $256,620 |
Homework Answers
The answer to the question is made in three steps
At first step the Opening Equity on as on December 2016 is calculated by subtracting Liabilities from Assests. That gives $185420.
In the second step Closing Equity as on December 2017 is calculated by Subtracting liabilities from Assests.That gives $290649.
In the third step Net income is calculated by using formula..
Net income=Closing Capital +Drawings- Additional Capital--
opening Capital. So net income will come $108429.![Calculation oF Net In come fer 2 ol. Equity, Decemb1 Lopening copital] Э $[480574260€6 +4115+1 26214 tYI42k] đ | 68580 tquity. December 33,or closing capitel $โ8222+204S1 + 301++ 134548458428 164773 +4-34o $ 4105554121106 Net Income-closing Capital e+Dvoo.n@d_ addition capital-0HYengcafitl N、エー 2906 49 + 27200-34000-1 85420 Nk Income - $Ao8429](http://img.homeworklib.com/questions/ce33faa0-464f-11ea-a4e5-ffff253661cb.png?x-oss-process=image/resize,w_560)
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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 December 31 2016 2017 43,516 $6,595 18,519 2,729 114,379 121,835 53,758 0 149,204 37,233 30,800 86,437 Cash Accounts receivable 23,621 3,726 Office supplies Office equipment Trucks Building Land Accounts payable Note payable 44,758 62,100 NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets Liabilities Equity Total equity Total assets 0 Total liabilities and equity NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
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How do I find net income?
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The accounting records of Nettle Distribution show the following assets and liabl liabltiles as of December...
The accounting records of Nettle Distribution show the following assets and liabl liabltiles as of December 31, 2016 and 2017. December 31201 017 Cash Accounts receivable Office supplies s 55,857 10,731 23,431 3,453 154,148 56,629 65,629 e 188,776 e 47,186 38,969 135,882 29,886 4, 714 Office equipment144,714 Part 2 of 3 Trucks Building 0.41 points Land Accounts payable Note payable 78,570 0250:313 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 1 of 3 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122,100 53,855 149,529 37,314 30,867 86,843 2.5 points 62,235 eBook Required: 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 1 of 3 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122,100 53,855 149,529 37,314 30,867 86,843 2.5 points 235 eBook Required: 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total...
December 31 2016 2017 Cash $ 48,057 $ 8,222 Accounts receivable 26,086 20,451 Office supplies 4,115...
December 31 2016 2017 Cash $ 48,057 $ 8,222 Accounts receivable 26,086 20,451 Office supplies 4,115 3,014 Office equipment 126,314 134,548 Trucks 49,428 58,428 Building 0 164,773 Land 0 41,119 Accounts payable 68,580 34,014 Note payable 0 105,892 Compute the 2017 year-end debt ratio for the business. Debt Ratio Choose Numerator: / Choose Denominator: = Debt Ratio / = / =
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[The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show...
[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, 2014 and 2015 2014 2015 $53,922 $ 10,324 29,270 22,947 4,617 3,382 41,731 150,970 55,460 64,460 0 184,884 0 46,137 76,950 38,165 0 131,021 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable NETTLE DISTRIBUTION Balance Sheet December 31, 2014 Assets Liabilities $53,922 Accounts payable Cash Accounts receivable...
Required Informatlon [The following information applies to the questions displayed below] The accounting records of Nettle...
Required Informatlon [The following information applies to the questions displayed below] The accounting records of Nettle Distribution show the following assets and labi ities as of December 31, 2016 and 2007. Part 2 of 3 016 Cash Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable Note payable $ 55,857 $1e,731 23,431 4,7143,453 144,714 154, 148 56,629 65, 629 0 188,776 47,186 38,969 135,882 0.41 points 00:40:11 78,576 eBook Print References 2. Compute net income for 2017 by...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 December 31 2016 2017 43,516 $6,595 18,519 2,729 114,379 121,835 53,758 0 149,204 37,233 30,800 86,437 Cash Accounts receivable 23,621 3,726 Office supplies Office equipment Trucks Building Land Accounts payable Note payable 44,758 62,100 NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets Liabilities Equity Total equity Total assets 0 Total liabilities and equity NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Assets...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 2 December 31 2018 2019 Cash $ 49,760 $ 8,832 Accounts receivable 27,018 21,176 Office supplies 4,261 3,121 Office equipment 130, 790 139,316 Trucks 51,17960,179 Building 170,612 Land @ 42,575 Accounts payable 71,018 35,219 Note payable 113, 187 points 2. Compute net income for 2019 by comparing total equity amounts for these two years and using the following information. During...
How do I find net income?
Answer is complete and correct. NETTLE DISTRIBUTION Balance Sheet December 31, 201 Assets Liabilities $ 51,084Accounts payable $ 72,900 Cash Accounts receivable Office supplies Office equipment Trucks Total assets 27,729 4,374 134,271 Equity 52,542Total equity 197,100 $270,000 $270,000 Total liabilities and equity 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 December 31...
The accounting records of Nettle Distribution show the following assets and liabl liabltiles as of December 31, 2016 and 2017. December 31201 017 Cash Accounts receivable Office supplies s 55,857 10,731 23,431 3,453 154,148 56,629 65,629 e 188,776 e 47,186 38,969 135,882 29,886 4, 714 Office equipment144,714 Part 2 of 3 Trucks Building 0.41 points Land Accounts payable Note payable 78,570 0250:313 2. Compute net income for 2017 by comparing total equity amounts for these two years and using the...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 1 of 3 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122,100 53,855 149,529 37,314 30,867 86,843 2.5 points 62,235 eBook Required: 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total...
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. Part 1 of 3 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 43,611 23,672 3,734 114,628 44,855 2019 $ 6,629 18,559 2,735 122,100 53,855 149,529 37,314 30,867 86,843 2.5 points 235 eBook Required: 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total...
[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, 2014 and 2015. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2014 2015 $ 44,178 $ 6,832 23,980 18,801 3,783 2.771 123,689 116.120 45,439 54,439 0151,475 0 37799 63,045 31.269 0 89.274 Late in December 2015, the business purchased a small office building and land for $189,274...
[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, 2014 and 2015 2014 2015 $53,922 $ 10,324 29,270 22,947 4,617 3,382 41,731 150,970 55,460 64,460 0 184,884 0 46,137 76,950 38,165 0 131,021 December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable NETTLE DISTRIBUTION Balance Sheet December 31, 2014 Assets Liabilities $53,922 Accounts payable Cash Accounts receivable...
Required Informatlon [The following information applies to the questions displayed below] The accounting records of Nettle Distribution show the following assets and labi ities as of December 31, 2016 and 2007. Part 2 of 3 016 Cash Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable Note payable $ 55,857 $1e,731 23,431 4,7143,453 144,714 154, 148 56,629 65, 629 0 188,776 47,186 38,969 135,882 0.41 points 00:40:11 78,576 eBook Print References 2. Compute net income for 2017 by...
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