Aztec Account of the Corque Chapter 02 Pre-Built Problems Check my work mode : T

Question

Aztec Account of the Corque Chapter 02 Pre-Built Problems Check my work mode : This shows what is correct or incorrect for the work you have completed so far, It does not indicate compl 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 s 44,140 7,070 office supplies .9392,12 117,860 125,543 Office egaipment 1 Building keousts payable 153,746 0 38,364 63. 31,737 092.120 Sote payable 2. Compute net income for 2017 by comparing total equity 2017, the owner invested $34,000 additional cash in the business and withdrew $43,200 cash for personal use. amounts for these two years and using the following information: During Answer is complete but not entirely correct. Equity, December 31, 2018 Add Owners Less Ouner withdrawals Esuity. December 31, 2017 s 173.010 Net income er% nvestment 34,000 207010 43.200 Prev 78 of 8 Next > 2 3 4 5 6

Explanation / Answer

Notes: Computation of Equity balances: 2016 2017 Assets: Cash 44840 7070 Accounts recievable 24340 19083 Office supplies 3839 2812 Office Equipment 117860 125543 Trucks 46121 55121 Building 0 153746 Land 0 38364 Total assets 237000 401739 Less: Lliabilities Accounts payable 63990 31737 Notes payable 92110 Equity balance 173010 277892 Note: Net income computation: Ending equity 277892 Less: Additional capital 34000 243892 Add: Drawings 43200 287092 Less: Equity balance in beginning 173010 Net income 114082 Equity Balance in Beginning 173010 Add: Net income 114082 Add: Owner's Investment 34000 321092 Less: Drawings 43200 Equity balance at end 277892

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