Use the Following Information to Calculate for the Year Ended

question 114

Essay

Use the following information to calculate for the year ended December 31, 2022 (a) net income, (b) ending owner's equity, and (c) total assets. $\begin{array}{lrlr}\text { Supplies } & \$ 3,000 & \text { Revenues } & \$ 25,000 \\\text { Operating expenses } & 11,000 & \text { Cash } & 15,000 \\\text { Accounts payable } & 9,000 & \text { Drawings } & 1,000 \\\text { Accounts receivable } & 3,000 & \text { Notes payable } & 2,000 \\\text { Beginning capital } & 5,000 & \text { Equipment } & 8,000\end{array}$

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Definitions:

Community Resources

Various types of support and facilities available within a community that provide assistance, information, and services to its members.

Urban Homeless Shelter

A facility located in a city that offers temporary accommodation and services to people without housing.

Externalizing Behavior

Actions displayed outwardly, often reflecting emotional distress or psychological issues, such as aggression or hyperactivity.

Internalizing Behavior

Behaviors that are directed inward, such as anxiety, depression, and withdrawal, often as a response to external stressors.