The Following Are Included in Ace Auto Parts, Inc Below Are the Balances for December 31, 2013

question 13

Essay

The following are included in Ace Auto Parts, Inc.'s December 31, 2012 balance sheet:
$\begin{array}{|l|l|}\hline 50,000 & \text { Accounts Receivable } \\\hline 100,000 & \text { Building } \\\hline 60,000 & \text { Cash } \\\hline 130,000 & \text { Land } \\\hline 40,000 & \text { Accounts Payable } \\\hline 70,000 & \text { Notes Payable } \\\hline ? & \text { Stockholders Equity }\\\hline\end{array}$
Below are the balances for December 31, 2013:
$\begin{array}{|l|l|}\hline \$90,000 & \text { Accounts Receivable } \\\hline 100,000 & \text { Building } \\\hline 150,000 & \text { Cash } \\\hline 130,000 & \text { Land } \\\hline 60,000 & \text { Accounts Payable } \\\hline50,000 & \text { Notes Payable } \\\hline ? & \text { Stockholders Equity }\\\hline\end{array}$
Analyze the changes in these balances and determine net income for 2013, assuming that the only change to stockholders' equity is from net income.

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Definitions:

Average Total Cost

The total cost of production divided by the number of units produced, often used to identify the most efficient scale of production.

Efficient Level

The optimal point of production or operation at which a firm, economy, or system can produce goods or services with the minimum waste of resources.

Society's Viewpoint

Represents the collective opinions and social perspectives held by a community or the public on various issues.

Monopoly

A market structure characterized by a single seller controlling a large portion of the market and the ability to influence prices and output.