Homework Answers
1 a) Equity for Company A as on Dec 31, 2016 = Assets - Liabilities
= $42,000 - $34,440 = $7,560
1 b) Calculation of amount of equity on Dec 31, 2017 for Company A is shown as follows:-
| Statement of Stockholder's Equity (Amounts in $) | |
| Equity, December 31, 2016 | 7,560 |
| Add: Net Income | 10,190 |
| Add: Stock Issuance | 6,000 |
| 23,750 | |
| Less: Cash Dividends | (3,500) |
| Equity, December 31, 2017 | 20,250 |
Therefore the amount of equity on December 31, 2017 for company A is $20,250.
1 c) Liabilities on Dec. 31, 2017 for Company A = Assets - Equity
= $45,000 - $20,250 = $24,750
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