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BChapman
Nov 11, 2008, 02:24 PM
If I was given the Balance Sheet that included the following...

Cash 81,600
Accounts Receivalbe 31,300
Supplies 2,000

Accounts Payable 13,280

Capital Stock 15,000

HOW DO I FIND THE NET INCOME?!
plonak
Nov 11, 2008, 05:01 PM
Well as you might know Assets=Liabilities+Stockholders equity right? Net income is soposed to be closed out to the balance sheet, on the Stockholders equity side called Retained Earnings

So my assumption is that your teacher wants you to plug if that's the only information given..

So assets = 114,900
Liabilities+ SH Equity= 28,280
So you net the two to get the net income (114,900-28280) =86,620
So net income is 86,620
Get it?