Balance sheet information of Digital Solutions, Inc. at December 31, 2008, is provided below.
During 2009, the company entered into the following transactions:
A. Which transactions are operating?
B. Compute net income for the year ending December 31, 2009.
C. Compute comprehensive income for the year ending December 31, 2009.
Definitions:
Owner's Equity
The residual interest in the assets of the entity after deducting liabilities, essentially representing the owner's claim against the company's assets.
Expense
The outflow of resources such as cash and other valuables, incurred in the process of generating revenues.
Supplies
Materials and items used in the operation of a business but not directly tied to a final product or service.
Ending Capital
The total value of an entity’s equity at the end of an accounting period after accounting for income and withdrawals.
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