The records of Max Company show the following at December 31, 2016: EEE Click th

Question

The records of Max Company show the following at December 31, 2016: EEE Click the icon to view the data Requirements 1. Compute the missing amount for Max Company. You will need to determine Retained Earnings, December 31,2016, and total stockholders' equity. 2. Did Max earn a net income or suffer a net loss for the year? Compute the amount. Requirement 1. Compute the missing amount for Max Company. You will need to determine Retained Earnings, December 31,2016, and tot s tockholders' equit Begin by determining total stockholders' equity. Rework the accounting equation and then solve for stockholders' equity (equity) at the beginning and end of the period. Equity Beginning Ending

Explanation / Answer

a) Assets - Liabilities = stockholder's equity

b) Beginning $77000 - $48000 = $29000

c) Ending $46000 - $34000 = $12000

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