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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
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 for Year 1 and Year 2 December 31 Year 1 Year 2 Cash $ 49,854 $ 8,866 Accounts receivable 27,061 21,216 Office supplies 4,269 3,127 Office equipment 131,039 139,581 Trucks 51,277 60,277 Building @ 170,936 Land @ 42,656 Accounts payable 71,145 35,286 Note payable 113,592 @ 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $37.000 additional cash in the business in exchange for common stock, and the company peld a $38,400 cash dividend Equity, December 31, Year 1 Equity, December 31, Year 2
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