The Following Are Included in Ace Auto Parts, Inc Analyze the Changes in These Balances and Determine Net Income

Essay

The following are included in Ace Auto Parts, Inc.'s December 31, 2016 balance sheet: $$\begin{array}{l}\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 50,000 \\\hline \text { Building } & 100,000 \\\hline \text { Cash } & 60,000 \\\hline \text { Land } & 130,000 \\\hline \text { Accounts Payable } & 40,000 \\\hline \text { Notes Payable } & 70,000 \\\hline \text { Stockholders' Equity } & ? \\\hline\end{array}\\\text { Below are the balances for December 31, 2016: }\\\begin{array} { | l | r | } \hline \text { Accounts Receivable } & \$ 90,000 \\\hline \text { Building } & 100,000 \\\hline \text { Cash } & 150,000 \\\hline \text { Land } & 130,000 \\\hline \text { Accounts Payable } & 60,000 \\\hline \text { Notes Payable } & 50,000 \\\hline \text { Stockholders' Equity } & \text { ? } \\\hline\end{array}\end{array}$$ Analyze the changes in these balances and determine net income for 2017, assuming that the only change to stockholders' equity is from net income.