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How do I solve/find net income? Check my work mode: This shows what is correct or incorrect for the work you ha Required information [The
How do I solve/find net income?
Check my work mode: This shows what is correct or incorrect for the work you ha Required information [The following information applies to the questions displayed below] The following financial statement information is from five separate companies. Company Company Company Company Company C F E December 31, 2018 $47,000 38,540 $36,660 25,662 $30,080 16,243 $128,310 Assets $83,660 Liabilities 57,725 December 31, 2019 143,520 113,380 52,000 37,440 94,640 Assets 25,459 17,071 45,427 Liabilities ? During year 2019 Owner investments Net income (loss) Owner cash withdrawals 6,500 8,978 11,000 1,400 9,750 6,300 5,875 6,000 12,440 3,500 ? 16,278 2,000 0 Liabilities Equity ASSOrs $ 36,660 $ 25,662 10,998 4 ts 2b. What is the amount of equity on December 31, 2019 for Comp Answer is complete and correct. Assets Liabilities Equity + $ 37,440 S 25,459 11,981 + 2c. What is net income for year 2019 for Company B. Answer is complete but not entirely correct. Statement of Owner's Equity Equity, December 31, 2018 $ 10,998 Add: Investment by Owner 1,400 Add: Net income 983 13,381 Less: Withdrawals by Owner 2,000 Equity, December 31, 2019 11,981 Step by Step Solution
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