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    Mar 3, 2013, 05:51 PM
    Figuring net income from a balance sheet:
    What is the net income based on this balance sheet?


    Assets Dec 31, 2013 Dec 31, 2012
    Cash $294 $96
    Accounts receivable 168 120
    Inventories 105 66
    Land 240 270
    Equipment 135 105
    Accumulated depreciation - equipment (36) (18)
    Total $906 $639


    Liabilities and Stockholder’s Equity

    Accounts Payable $105 $96
    Dividends payable 18
    Common Stock, $10 par 60 30
    Paid-in Capital in excess of par – common stock 150 75
    Retained earnings 573 43
    Total $906 $639

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