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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019. December 31 2018 2019 Cash $
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.
December 31 | 2018 | 2019 | ||||
Cash | $ | 52,503 | $ | 9,816 | ||
Accounts receivable | 28,499 | 22,344 | ||||
Office supplies | 4,496 | 3,293 | ||||
Office equipment | 138,001 | 146,997 | ||||
Trucks | 54,001 | 63,001 | ||||
Building | 0 | 180,018 | ||||
Land | 0 | 44,921 | ||||
Accounts payable | 74,925 | 37,161 | ||||
Note payable | 0 | 124,939 | ||||
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 $33,000 additional cash in the business (in exchange for common stock) and the company paid a $30,000 cash dividend.
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