SW Company provides the Equity & Liability information below for analysis SW Company had net income of
Question:
SW Company provides the Equity & Liability information below for analysis SW Company had net income of $365,700 in 2020 and $339,200 in 2019.
Equity and Liabilities 2020 2019
Share capital common (122,900 shares issued) $ 1,215,000 $ 1,215,000
Retained earnings (Note 1) 413,800 311,300
Accrued liabilities 9,800 6,600
Notes payable (current) 79,700 56,600
Accounts payable 61,400 175,500
Total equity and liabilities $ 1,779,700 $ 1,765,000
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann