Question

[The following information applies to the questions displayed below.]

Answer 1

The following answers to the question

What is Equity?

Equity, or economic equality, is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.

                 INCOME STATEMENT

PARTICULARS                          AMOUNT$

Service Revenue                           120,000

Less-Expenses

Supplies expense           600

Interest expense             900

Insurance expense         3800

Utilities expense             3300

Depreciation expense    12000

Wages expense              9500

Total expenses               30100  

Net profit                         $89900

               

               STATEMENT OF RETAINED EARNINGS

FOR THE YEAR ENDED DECEMBER 31                       Amount$

Retained earnings December 31 prior year end            114,800

Add- Net income                                                               89900

Less- Dividends                                                                 13,000

Retained earnings, December 31 Current year end   $191700

Learn more about this concept here:

brainly.com/question/17150137

#SPJ1