Question

(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities Owner's equity = $30,930.) Cullumber Beta Psi Omega Company Company Company Company January 1, 2017 Assets $80.630 $89,760 2$ (g) $156,500 Liabilities 49,700 (d) 76,900 Owner's equity 50,440 (a) 42.530 90,920 December 31, 2017 Assets (b) 109.700 172.500 (k) Liabilities 61,930 71.510 (h) 109,700 Owner's equity 51,150 (e) 80,420 149.600 Owner's equity changes in year Additional investment (c) 7730 11,410 14,860 Drawings 17,130 (f 12.500 12.840 Total revenues 349.100 411,800 (1) 484,400 Total expenses 331.600 386,400 355,200 e Textbook and Media 223 PM UCUC/ULA

Financial statements have some missing amount which are to be determined

Answer 1

	Cullumber Company		Beta Company		Psi Company		Omega Company
January 1,2017
Assets	80,630		89,760		127,340	(g)	156,500
Liabilities	49,700		47,230	(d)	76,900		65,580	(j)
Owner's equity	30,930	(a)	42,530		50,440		90,920
December 31,2017
Assets	113,080	(b)	109,700		172,500		259,300	(k)
Liabilities	61,930		71,510		92,080	(h)	109,700
Owner's equity	51,150		38,190	(e )	80,420		149,600
Owner's equity changes in year
Additional investment	19,850	(c )	7,730		11,410		14,860
Drawings	17,130		37,470	(f)	12,500		12,840
Total revenues	349,100		411,800		386,270	(i)	484,400
Total expenses	331,600		386,400		355,200		427,740	(l)

Explanations:

Formulas used to get answers:

i.Assets = Liabilities + Owner's equity

ii.Liabilities = Assets - Owner's equity

iii.Owner's equity = Assets - Liabilities

iv.Owner's equity, Dec 31, 2017 = Owner's equity, Jan 1,2017 + Additional investment - Drawings + Total revenues - Total expenses

v. Additional investment = Owner's equity, Dec 31, 2017 - Owner's equity, Jan 1,2017 + Drawings - Total revenues + Total expenses

vi. Drawings = Owner's equity, Jan 1,2017 + Additional investment + Total revenues - Total expenses - Owner's equity, Dec 31, 2017

vii. Total revenues = Owner's equity, Dec 31, 2017 - Owner's equity, Jan 1,2017 + Drawings - Additional investment + Total expenses

viii. Total expenses = Owner's equity, Jan 1,2017 + Additional investment - Drawings + Total revenues - Drawings - Owner's equity, Dec 31, 2017