at the end of the current period, rivet, incorporated reports the following amounts: assets = $58,600…

at the end of the current period, rivet, incorporated reports the following amounts: assets = $58,600; liabilities = $29,100; dividends = $2,490; revenues = $25,300, expenses = $13,400. calculate net income and stockholders’ equity at the end of the period.

at the end of the current period, rivet, incorporated reports the following amounts: assets = $58,600; liabilities = $29,100; dividends = $2,490; revenues = $25,300, expenses = $13,400. calculate net income and stockholders’ equity at the end of the period.

Answer

Explanation:

Step1: Calculate net income

Net income is calculated as revenues minus expenses. $Net\ income=Revenues - Expenses$ $Net\ income = 25300 - 13400$ $Net\ income=11900$

Step2: Calculate stockholders' equity

According to the accounting equation Assets = Liabilities+Stockholders' equity. So, Stockholders' equity = Assets - Liabilities. $Stockholders' equity=Assets - Liabilities$ $Stockholders' equity = 58600 - 29100$ $Stockholders' equity = 29500$

Answer:

Net income: $11900$ Stockholders' equity: $29500$