of 3 ok int ences Required information The following

Last updated: 8/23/2023

of 3 ok int ences 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 Cash Accounts receivable Office supplies office equipment Trucks Building Land Accounts payable Note payable Year 1 43 421 23 570 3 718 114 130 44 661 Equity December 31 Year 1 0 0 61 965 0 Year 2 6 561 18 479 2 723 121 570 53 661 148 880 37 151 30 733 86 031 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 35 000 additional cash in the business in exchange for common stock and the company paid a 39 600 cash dividend