Question

At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $54,200; Liabilities = $26,300; Dividends = $2,700; Revenues = $18,500; Expenses = $13,400.
Calculate net income and stockholders' equity at the end of the period.

Answer 1

Answer:

Net income =$5,100

Shareholders equity=$27,900

Explanation:

Calculate net income and stockholders' equity at the end of the period.

Explanation:

Calculation for the net income and stockholders' equity at the end of the period

Calculation for NET INCOME using this formula

Net income=Revenues- Expenses

Let plug in the formula

Net income=$18,500-$13,400

Net income =$5,100

Therefore Net income amount will be $5,10

Calculation for SHAREHOLDER'S EQUITY using this formula

Shareholdersl's equity=Assets- Liabilities

Let plug in the formula

Shareholders equity=$54,200 -$26,300

Shareholders equity=$27,900

Therefore Shareholders equity will be $27,900