| December 31 | Total Assets | Total Liabilities |
|---|---|---|
| Year 1 | 135,000 | 88,000 |
| Year 2 | 177,000 | 92,000 |
Determine Net Income (or Loss) for Year 2 assuming that dividends paid during the year amounted to $3,000.
2. Account Classifications 4. Tying the Statements TogetherNet Income is $41,000.
| Click Here to View All Chapter 1 Problems at Once | View | ||
| 1 | Matching Basic Vocabulary | Easy | |
| 2 | Account Classifications | Moderate | |
| 3 |
Solving for Net Income
You are here. |
Moderate | |
| 4 | Tying the Statements Together | Moderate | |
| 5 | Solving for Retained Earnings | Hard |
| 1 | The Accounting Equation | 3:02 | |
| 2 | Assets vs Liabilities | 5:32 | |
| 3 | Shareholder's Equity | 5:26 | |
| 4 | The Balance Sheet | 5:52 | |
| 5 | The Statement of Retained Earnings | 5:51 | |
| 6 | The Income Statement | 6:19 | |
| 7 | The Statement of Cash Flows | 6:02 | |
| 8 | How the Statements Work Together | 9:02 |