Relationship between Net Income and Equity
The following information came from a recent balance sheet of Apple Computer, Inc.:
| End of Year | Beginning of Year |
Assets | $53.9 billion | $39.6 billion |
Liabilities | $26.0 billion | ? |
Owners’ Equity | ? | $21.0 billion |
a. Determine the amount of total liabilities reported in Apple Computer’s balance sheet at the beginning of the year.
b. Determine the amount of total owners’ equity reported in Apple Computer’s balance sheet at the end of the year.
c. Retained earnings was reported in Apple Computer’s year-end balance sheet at $19.5 billion. If retained earnings was $13.8 billion at the beginning of the year, determine net income for the year if no dividends were declared.
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