The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017.
December 31 2016 2017
Cash $64,300 15,640
Accounts receivable 26,240 19,100
Office supplies 3160 1960
Office equipment 44,000 44,000
Trucks 148,000 157,000
Building 0 80,000
Land 0 60,000
Accounts payable 3,500 33,500
Note payable 0 40,000
Required:
Compute net income for 2017 by comparing total equity amounts for these two years and using the following information: During 2017, the owner invested $35,000 additional cash in the business (in exchange for common stock) and the company paid $19,000 cash in dividends.
Answers: 3
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