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Homework Answers
Solution 1a:
Amount of equity on 31.12.2016 for Company A:
Assets = Liabilities + Equity
Equity = Assets - Liabilities = $46,000 - $37,720 = $8,280
Solution 1b:
| Company A | |
| Statement of owner's equity | |
| Equity, Dec 31, 2016 | $8,280.00 |
| Add: Onwer's investment | $6,000.00 |
| Add: Net Income | $12,170.00 |
| $26,450.00 | |
| Less: Owner's cash withdrawl | $3,500.00 |
| Equity, Dec 31, 2017 | $22,950.00 |
Solution 1c:
Assets = Liabilities + Equity
Liabilities = Assets - Equity = $51,000 - $22,950 = $28,050
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