The Net Income For Blue Bird LTD. is $69362.
Explanation:
As per Accounting Equation;
Total Asset = total equity + total liabilities
as we are don't have equity so we will take it as x and liabilities as y
Now our equation will be,
$223500 = x+y ........................................................................(i) equation
we are also given a debt equity ratio = 
Debt Equity Ratio = 
.45x = y................................................... (ii) equation
so now putting y of (ii) equation into (i) equation, we will get
$223500 = x+ .45x
x =
x (i.e equity) = $154,138
and, y (debt ) = $69362
to find net income , where Return on equity (ROE) =
net income = .12×$154138
net income = $18497
Answer:
$34,000
Explanation:
To determine the year-end retained earnings balance we can use the following formula:
current retained earnings balance = last year's retained earnings balance + current net income - distributed dividends - adjustments (depreciation expense)
current retained earnings balance = $32,000 + $12,000 - $7,000 - $3,000
current retained earnings balance = $34,000
Answer:
The answer is explained below:
Explanation:
An income statement is used for reporting thhe financial performance over an accounting period.
The other two statements are cash flows and balance sheet. Income statement is also called revenue and expense statement. It mainly focuses on a company's revenues and expenses during a particular period. It is important part of a company's performance reports.
A balance sheet only gives a glimpse of a company's financial but income statement tells the company's income in a particular time period.
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