Required information [The following information applies to the questions displayed below.] The accounting...
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Accounting
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[The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.
| December 31 | 2018 | 2019 | ||||
| Cash | $ | 49,570 | $ | 8,765 | ||
| Accounts receivable | 26,907 | 21,096 | ||||
| Office supplies | 4,244 | 3,109 | ||||
| Office equipment | 130,293 | 138,786 | ||||
| Trucks | 50,986 | 59,986 | ||||
| Building | 0 | 169,963 | ||||
| Land | 0 | 42,411 | ||||
| Accounts payable | 70,740 | 35,085 | ||||
| Note payable | 0 | 112,374 | ||||
2. Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 2019, the owner invested $32,000 additional cash in the business (in exchange for common stock) and the company paid a $33,600 cash dividend.
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