| 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.
5. Solving for Missing Amounts 7. Tying the Statements TogetherNet Income is $41,000.
| Click Here to View All Chapter 1 Problems at Once | View | ||
| 1 | Current Assets | Easy | |
| 2 | Matching Basic Vocabulary | Easy | |
| 3 | Retained Earnings | Easy | |
| 4 | Account Classifications | Moderate | |
| 5 | Solving for Missing Amounts | Moderate | |
| 6 |
Solving for Net Income
You are here. |
Moderate | |
| 7 | Tying the Statements Together | Moderate | |
| 8 | Account Classifications | Hard | |
| 9 | Calculating Operating Income | Hard | |
| 10 | 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 | |
| 9 | Current Assets | 9:57 | |
| 10 | Non-Current Assets | 10:25 | |
| 11 | Current Liabilities | 6:24 | |
| 12 | Non-Current Liabilites | 2:00 | |
| 13 | Contributed Capital | 5:10 | |
| 14 | The Classified Balance Sheet | 4:48 | |
| 15 | The Multistep Income Statement | 12:44 | |
| 16 | Retained Earnings vs Shareholder's Equity | 6:41 |