The accounting records of Nikola's Delivery Service show the following assets and liabilities as of the end of 2021 and 2022: Account N ame Cash Accounts Receivable Office Supplies Computer Equipment Delivery Equipment Land Accounts Payable Loan Payable 2022 $ 20,000 60,000 25,000 120,000 61,000 650,000 30,000 520,000 2021 $ 28,000 50,000 20,000 120,000 61,000 10,000 The owner bought land for his equipment for $650,000. The business paid $130,000 cash and has a bank loan for the balance. Mr. Nikola Nowak had to invest an additional $50,000 to help pay the $130,000. The company earned a net income during 2022, which allowed Mr. Nowak to withdraw $24,000 for the year from the business for personal use. Prepare balance sheets for the business as of December 31, 2021 and 2022. How much net income was earned in 2022? Show your calculations. (Hint: Assets increased from $279,000 to $936,000 from 2021 to 2022.)

Arrangement of the Income Statement Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,575 of interest income from investments. Powers incurred $243,200 of wages expense, $24,150 of depreciation expense, $48,575 of supplies expense, $84,000 of rent expense, $17,300 of miscellaneous expense, and $43,900 of income taxes expense.

karane enterprises, a calendar year manufadturer based in college station, texas, begain business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022. asset: office furniture, cost: $ 150,000, date placed in service 02/ Used delivery truck, cost $40,000, date placed in service 08/17/2022. During 2022, karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2023 to increase its production capacity. These are the assets acquired during 2023: Asset: computers and information system, cost $400,000, date placed in service 03/31/2023. Luxury auto *, cost $80,000, date placed in service 05/26/2023, Assembly equipment, cost $1,200,000 date placed in service 08/15/2023, storage building cost $700,000, date placed in service 11/13/2023. *Used 100% for business purposes. Karane generated taxable income in 2023 of $ 1,732, 500 for purposes of computing the 179 expense…

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