Justin\'s Overhead Doors reports the following financial information: Justin ove

Question

Justin's

Overhead Doors reports the following financial information:

Justin overhead income reported netincome or net loss of $

Use the accounting equation to solve for the missing information.

Use the accounting equation to solve for the missing information.

X) S1-7 (similar to) Question Hel Justin's Overhead Doors reports the following financial information (Click the icon to view Justin's Overhead Doors financial information.) Requirements 1. Use the accounting equation to solve for the missing information. 2. Did Justin's Overhead Doors report net income or net loss? Data Table Assets Liabilities Common Stock Dividends Revenues $ 46,800 17,220 25,500 5,000 10,890 Requirement 1. Use the accounting equation to solve for the missing information. (Assume that the beginning retained earnings balance is $0.) Assets Liabilities Common Stock- Dividends+ Revenues- + 10,890 $1,810 $ 46,800S 17,220 25,500 Requirement 2. Did Justin's Overhead Doors report net income or net loss? Justin's Overhead Doors reported $5,000 of $ Print Done

Explanation / Answer

1) Accounting equation :

2) Net income :

Justin's overhead doors reported net income of $9080

Assets = Liabilities + Common stock - Dividend + Revenue - Expense 46800 = 17220 + 25500 - 5000 + 10890 - 1810

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