What was the amount of net income, Accounting Basics

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What was the amount of net income

Response to the following problem:

Assume that as of January 1, 2013, Sylvester Consulting has total assets of $500,000 and total liabilities of $150,000. As of December 31, 2013, Sylvester has total liabilities of $200,000 and total stockholders' equity of $400,000.

(a) What was Sylvester's stockholders' equity as of December 31, 2012?

(b) Assume that Sylvester did not pay any dividends during 2013. What was the amount of net income for 2013?

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Accounting Basics: What was the amount of net income

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Accounting Basics: What was the amount of net income

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