Find the net income?

[moon]

The answer is 1173, but i dont know how this answer is right. Can someone explain please?

Company B

Dec 31 2008
Assets 25740
Liabilities 18018

Dec 31 2009
Assets 25920
Liabilities 17625

During year 2009
Capital Stock 1400
Net income ?
Withdrawls 2000

 

[bklynboy]

See my rec below

2008 2009 Change
Assets 25,740 25,920 180
Liabilities (18,018) (17,625) 393
Withdrawals 0 2,000 2,000
Capital Stock 0 (1,400) (1,400)
Totals 7,722 8,895 1,173

Basically derived as assets - liabs - equity and look at the change in item

 

[moon]

Very helpful. Thank you