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    Linz's Avatar
    Linz Posts: 1, Reputation: 1
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    #1

    Nov 30, 2008, 08:16 PM
    Accouting: Net Income and Equity
    I really need help figuring out Net income in this problem :confused:...

    Need to find Net income and Equity for 2007(If I figure out Net income I will be able to figure out Equity and vice versa.. so either or would be great)

    This is all that I am given:


    Dec. 2006

    Assets: $30,420
    Liabilities: $21,294


    Dec. 2007

    Assets: $30,240
    Liabilities: $20,563

    Stock issuances: $1,400
    Net Income: ?
    Cash Dividends: $2,000

    Equity for 2007: ?
    And I found that equity for 2006 is $9126
    neno2000's Avatar
    neno2000 Posts: 4, Reputation: 2
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    #2

    Dec 1, 2008, 03:59 AM
    SInce the accounting rule is

    Total Assets = Total Laiabilities + Equity

    30240 =?? + 20563

    Equity = 30240-20563+1400-2000=9,077

    Net income = 600
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