Linz
Nov 30, 2008, 08:16 PM
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
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