Calculate the net income earned during the year

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Reference no: EM131819712

Problem

1. Calculate the missing amounts for companies A to E


A

B

C

D

E

Cash

$2,100

$  800

$    ?

$5,400

$3,000

Equipment

5,600

4,800

4,400

6,300

?

Accounts Payable

2,800

?

1,650

2,700

5,400

Share capital

1,400

2,400

3,300

3,600

600

Retained earnings

?

800

550

?

1,200

2. Calculate the net income earned during the year. Assume that the change to shareholders' equity results only from net income earned during the year.


Assets

Liabilities

Balance Jan. 1, 2015

$112,500

$ 90,000

Balance Dec. 31, 2015

90,000

45,000

3. If total assets increased $25,000 and total liabilities decreased $7,000, what was the change in shareholders' equity?

Reference no: EM131819712

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