The following are included in Ace Auto Parts,Inc.'s December 31,2010 balance sheet:
Below are the balances for December 31,2011:
Analyze the changes in these balances and determine net income for 2011,assuming that the only change to stockholders' equity is from net income.
Definitions:
Book Values
The net value of an asset according to its balance sheet account balance, calculated as the original cost minus accumulated depreciation, depletion, or amortization.
GAAP
The set of rules and standards designed to ensure consistency, transparency, and integrity in financial reporting and accounting practices.
Sale of a Component
The disposal of a segment, subsidiary, or unit of a business, often recorded separately in the financial statements.
Communications Company
A business that provides services related to the transmission of information through various media, including telephone, internet, and broadcasting.
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