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Compute net income for 2019 by comparing total equity

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Reference no: EM132420606

The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.

December 31 2018 2019

Cash $52,881 $9,951

Accounts receivable 28,705 22,505

Office supplies 4,528 3,316

Office equipment 138,995 148,056

Trucks 54,391 63,391

Building 0 181,316

Land 0 45,245

Accounts payable 75,465 37,429

Note payable 0 126,561

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 (in exchange for common stock) and the company paid a $38,400 cash dividend.

Reference no: EM132420606

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