Net Nets
How I can determine the net income of the accounting problem?
It should be easy, but I'm stupid and have never been exposed accounting until today. Plz help a High School student. Amadeus Hoover is the sole shareholder of Diplo, a computer manufacturing company. At the end of accounting period June 1, 2007 has, Diplo assets of $ 950,000 and liabilities of $ 300,000. Using the equation accounting and review each case independently to determine the following amounts: The part that needs help with rent income (or loss) in 2008, assuming, June 1, 2008, assets were $ 1,200,000, liabilities were $ 195,000, and Complementary stock had been issued, or dividends.
The equation: Equity 2008 Less: Investment income 2007 = 2008 This formula is valid because there was no additional shares were issued or dividends. In the right balance in 2007 and 2008 may be obtained by subtracting liabilities from assets, for example, A – L = E. Therefore, equity in 2007 is 650,000 (950000-300000) and equity in 2008 was 1.005 million (1200000-195000). Net income in 2008 is 355 000 (from 1005000-650000).
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