Required information The following information applies to the questions displaye
ID: 2606474 • Letter: R
Question
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 $53, 260 10, 087 Cash Accounts receivable 28,910 22,666 office supplies office equipment 139,990 149, 116 4, 560 3,340 Trucks Building Land Accounts payable 76,005 37,697 Note payable 54,780 63, 780 0 182,613 45,569 0 128, 182 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 $33,000 additional cash in the business (in exchange for common s iavdenos stock) and the c KPrev 11 12 of 12 Next >Explanation / Answer
Balance sheet
2016
2017
cash
53260
10087
accounts receivables
28910
22666
office supplies
4560
3340
office equipment
133990
149116
trucks
54780
63780
building
0
182613
land
0
45569
total of assets
275500
477171
liabilities and shareholders equity
accounts payable
76005
37697
notes payable
0
128182
total of liabilities
76005
165879
shareholders equity= total of liabilities and equities-total of liabilities
199495
311292
total of liabilities and shareholders equity
275500
477171
statement of shareholders equity
equity at year end 2016
199495
add net income
311291+26400-33000-199495
105197
add owners investment
33000
less dividend
26400
equity at december 31 2017
311292
Balance sheet
2016
2017
cash
53260
10087
accounts receivables
28910
22666
office supplies
4560
3340
office equipment
133990
149116
trucks
54780
63780
building
0
182613
land
0
45569
total of assets
275500
477171
liabilities and shareholders equity
accounts payable
76005
37697
notes payable
0
128182
total of liabilities
76005
165879
shareholders equity= total of liabilities and equities-total of liabilities
199495
311292
total of liabilities and shareholders equity
275500
477171
statement of shareholders equity
equity at year end 2016
199495
add net income
311291+26400-33000-199495
105197
add owners investment
33000
less dividend
26400
equity at december 31 2017
311292
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