Suzette Company’s liabilities as reported on the June 30, 2014, balance sheet are shown below, along with its statement of changes in equity.
Accounts payable ................................................................................................ $179,400
Notes payable, due 2016 ....................................................................................... 480,000
Total liabilities..................................................................................................... $659,400
Suzette Company
Statement of
Changes in Equity
For Year Ended June 30, 2014
Jan Suzette, capital, June 30, 2013 ......................................................................... $481,000
Add: Net income ....................................................................................................... 196,400