Ask Experts Questions for FREE Help !
Ask
    asholeee's Avatar
    asholeee Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 3, 2010, 02:03 PM
    Finding net income with assets and liabilities from pervious year, asstes and liabili
    I have Assets for December(2008) as 25740, liabilities as 18018. Assets for December(2009) 25920 and liabilities as 17625. During 2000 stock issuances as 1400 and cash dividends as 2000. I need to find the net income or loss. Any help?
    ArcSine's Avatar
    ArcSine Posts: 969, Reputation: 106
    Senior Member
    		  
    #2

    Oct 4, 2010, 04:39 AM
    Assets minus Liabilities = Equity. Use that to determine Equity as of Dec '08 and Dec '09, and hence the overall change in Equity over that one-year period.

    That overall change in Equity is the result of Stock Issuances, Dividends, and Net Income or Loss. You have the amounts for the first two. Net Income is thus the part of Equity's change that isn't explained by the first two.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Net Income from total assets and Liabilities? [ 3 Answers ]

Here is the problem: I have tried to find the solution but what I do not get is how I am supposed to find the net income when I do not know the revenue and expenses? The total assets and the total liabilities of a business at the beginning of the year and the end of the year are below. During...

Net Income from Total Assets and Liabilities? [ 7 Answers ]

I'm very confused. Here's the question: Total Assets as of May 31, 2010 = $174,000 Total Liabilities as of May 31, 2010 = $104,000 Total Assets as of June 30, 2010 = $208,000 Total Liabilities as of June 30, 2010 = $127,000 Following are 3 situations about owner's investments and...

Calculating equity, liabilities and net income (loss) [ 2 Answers ]

I have a question that requires me to calculate liabilities given the following information: Company A - Dec 2010: Assets 40000, Liabilities 32800 (I calculated equity to be $7200. I am required to calculate liabilities for Dec 2011 giving the following transactions occurred in 2011 - Assets...

Net income $ Total Assets [ 1 Answers ]

Cody Company reports net income of $101,100 in 2010. However, ending inventory was understated $17,890. What is the correct net income for 2010? $___________________ What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2010? Total...

Net income and return on assets (investment) be for the year [ 2 Answers ]

Database Systems is considering expansion into a new product line. Assets to support expansion will cost $500,000. It is estimated that Database can generate $1,200,000 in annual sales, with a 6 percent profit margin. What would net income and return on assets (investment) be for the year? I...

View more questions Search