Required information [The following information applies to the questions displayed below.] The accounting...
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Accounting
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[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
2018
2019
Cash
$
49,570
$
8,765
Accounts receivable
26,907
21,096
Office supplies
4,244
3,109
Office equipment
130,293
138,786
Trucks
50,986
59,986
Building
0
169,963
Land
0
42,411
Accounts payable
70,740
35,085
Note payable
0
112,374
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 $32,000 additional cash in the business (in exchange for common stock) and the company paid a $33,600 cash dividend.
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