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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 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable 2018 $ 49,381 26,805 4,228 129,795 50,791 0 0 70, 470 0 2019 $ 8,697 21,015 3,097 138,257 59,791 169, 315 42, 249 34,951 111, 564 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 $35,000 additional cash in the business and withdrew $44,400 cash for personal use. Equity, December 31, 2018 Equity, December 31, 2019
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