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2. At the end of the year, which company had the highest net income? highest percent of net income to revenues? Garnet Corp. Lowell Co.
2.
At the end of the year, which company had the
highest net income?
highest percent of net income to revenues?
Garnet Corp. Lowell Co. Branch, Inc. Beginning Assets Liabilities 32 80 $ 49 23 4 4 8 Common stock Retained earnings 6 25 5 11 $ 52 $ 24 Ending Assets Liabilities Common stock Retained earnings 83 $ 51 34 6 11 6 26 7 $ 172 $ 40 Income statement Revenues Expenses Net income 225 $ 205 144 20 28 Statement of retained earnings Beginning RE $ + Net income 5 $ 11 25 $ 20 (19) 28 (26) 6 (2) - Dividends 26 $ 7 $ 15 = Ending RE
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