Homework Answers
Solution:
1)
|
Donatello Company |
Raphael Company |
Michelangelo Company |
Leonardo Company |
|
(a) $27,000 |
(d) $50,000 |
(g) $120,000 |
(j) $50,000 |
|
(b) 95,000 |
( e) 62,000 |
(h) 70,000 |
(k) 220,000 |
|
( c) 4,000 |
(f) 51,000 |
(i) 431,000 |
(l) 465,000 |
(a) = Assets - Liabilities = $75,000 - $48,000 = $27,000
(b) = Liabilties + Stockholder's equity = $55,000 + $40,000 = $95,000
(c)
|
Beginning Retained Earnings |
27,000 |
|
Add: Net Income |
15,000 |
|
Less: Dividends |
-6,000 |
|
Ending Retained Earnings |
36,000 |
|
Ending Equity |
40,000 |
|
Ending Retained Earnings |
36,000 |
|
Additional Investment |
4,000 |
(d) = Assets - Stockholder's equity = 110,000 - $60,000 = $50,000
(e) = Assets - Liabilities = $137,000 - $75,000 = $62,000
(g) = Liabilities + Stockholder's equity = $75,000 + $45,000 = $120,000
(h) = Assets - Stockholder's equity = $200,000 - $130,000 = $70,000
(i) = 431,000
(j) = Assets - Stockholder's equity = $150,000 - $100,000 = $50,000
(k) = Liabilities + Stockholder's equity = $80,000 + $140,000 = $220,000
2)
|
Owner’s Equity Statement |
|
|
Capital, January 1 |
20,000 |
|
Plus: Net income |
38,000 |
|
Minus: Dividends |
-51,000 |
|
Capital, December 31 |
7,000 |
3) The financial statements are prepared in a proper sequence- income statement, owner’s equity statement, and balance sheet. The owner’s equity statement and other financial statements have interrelationship because net income from the income statement will be shown in the owner’s equity statement. On the balance sheet the ending capital reported in the owner’s equity statement will be reported
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