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    babebratt44's Avatar
    babebratt44 Posts: 1, Reputation: 1
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    #1

    Sep 28, 2013, 03:40 PM
    Net income
    Had a asset of 496467 and liability of 213234 and a drawings of 23227 for the year and starting investment of 99813, what is the net income for the year
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 28, 2013, 05:32 PM
    First you need to find ending equity, which is assets minus liabilities.

    Also you will need beginning year equity or end of previous year equity.

    If you have this then you can find net income.

    Net Income = Ending Equity - previous year(beginning) equity - investments + drawings.
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