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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, 2018 and 2019. December 31 2018 Cash $ 49,192 Accounts receivable26,702 Office supplies 4,212 Office equipment 129,298 Trucks 50,596 Building 0 Land 0 Accounts payable 70,200 Note payable 0 2019 $ 8,629 20,934 3,085 137, 727 59,596 168, 666 42,089 34,817 110, 755 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 $36,000 additional cash in the business and withdrew $40,800 cash for personal use. Equity, December 31, 2018 Equity, December 31, 2019
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