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Hello, would appreciate if someone could explain all the steps to solving this problem, Im having issues finding the net income and where numbers are
Hello, would appreciate if someone could explain all the steps to solving this problem, Im having issues finding the net income and where numbers are coming from. If possible could you explain all the steps to solving this.
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, 2018 and 2019. December 31 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2018 $ 47,584 25,829 4,074 125,071 48,942 0 0 67,905 0 2019 $ 8,053 20,250 2,984 133, 224 57,942 163, 152 40, 713 33,679 103,865 2. Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 2019, the owner invested $32,000 additional cash in the business (in exchange for common stock) and the company paid a $31,200 cash dividend. Equity, December 31, 2018 Equity, December 31, 2019Step by Step Solution
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