Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was $1,500,000...

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Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was $1,500,000 and it distributed $500,000 to owners in the form of dividends. Its beginning-of-year equity balance was $12,000,000. Use this Information and the Income statement located in this week's resources to construct the business's statement of changes in equity. What is the ending 2020 value of the business's equity? Income statement for Southeast Home Care Revenue 2020 New Patient Service Revenue Other Revenue Net Operating Revenues (Less Sales Returns and Allowances) Total Revenues Expenses 2020 Purchased Service Salaries and Benefits General Administrative Expenses Interest Expense Depreciation Expense Total Expenses Investment Income Net Income (loss) $ 400,000.00 $ 10,000.00 $ 410,000.00 $ (1,000.00) $ 409,000.00 $ 90,000.00 $ 150,000.00 $ 70,000.00 $ 20,000.00 $ 90,000.00 $ 420,000.00 $ (11,000.00) $40,000 $ 29,000.00 Consider Southeast Home Care, which is a for-profit business. In 2020, its net income was $1,500,000 and it distributed $500,000 to owners in the form of dividends. Its beginning-of-year equity balance was $12,000,000. Use this Information and the Income statement located in this week's resources to construct the business's statement of changes in equity. What is the ending 2020 value of the business's equity? Income statement for Southeast Home Care Revenue 2020 New Patient Service Revenue Other Revenue Net Operating Revenues (Less Sales Returns and Allowances) Total Revenues Expenses 2020 Purchased Service Salaries and Benefits General Administrative Expenses Interest Expense Depreciation Expense Total Expenses Investment Income Net Income (loss) $ 400,000.00 $ 10,000.00 $ 410,000.00 $ (1,000.00) $ 409,000.00 $ 90,000.00 $ 150,000.00 $ 70,000.00 $ 20,000.00 $ 90,000.00 $ 420,000.00 $ (11,000.00) $40,000 $ 29,000.00

Answer rating: 100% (QA)

Answer Ending balance of equity is calculated below Statement of changes in e... View the full answer