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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise 1-53 Relationships Among the Financial Statements

During 2019, Moore Corporation paid $20,000 of dividends. Moore’s assets, liabilities, and common stock at the end 012018 and 2019 were:

Chapter 1, Problem 53E, Exercise 1-53 Relationships Among the Financial Statements During 2019, Moore Corporation paid

Required:

Using the information provided. compute Moore’s net income for 2019.

To determine

Concept Introduction:

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

There are two ways to present and income statement: Single-step and Multi-step. In the, multi-step income statement the net income calculated after showing multiple steps. In this statement operating and items are separate from non operating items.

To Calculate:

The net income of Moore’s for the year 2019.

Explanation

The net income of Moore’s for the year 2019 is calculated as follows;

    Moore Corporation12/31/201812/31/2019Change
    Total Assets (A) $ 152,200 $ 171,800 $ 19,600
    Total Liabilities (B) $ 56,600 $ 63,750 $ 7,150
    Total Equit...

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