Question

did smith are in a net income or suffer a net loss for the year?compute the amount

HW Score: 202.7 %E1-24 (similar to) Question The records of Smith Company show the following at December 31, 2018 Click the icon to view the data) Requirements 1. Compute the missing amount for Smith Company You will need to work through owner's equity 2. Did Smith na net income of suffer a netloss for the year? Compute the amount Requirement 1. Compute the missing amount for Smith Company You will need to work through owner Begin by working through owner's equity Rework the accounting equation and then solve for owne uity tegutyt) at the beginning and end of the period 5 64,000 Begiving Ending 50 000 for the period for counts with a balance, make sure to enter per ) in the appropria com Abbrevis Identify the formula to show the change in equity and then complete the calculation to solve for the used. Contributions Owner contribution: Withdrawals Ow whawl Capital Bea t Dogg Ca Bee Canons w as $ 3100 S 8000 16000 0 00 Endine Requirement 2. Did Smith camanet come or butter anetos to the year compute the amount Choose from any or enter any number in the nurses and men Check Check A All arts showing

Answer 1

Answer to Requirement 1:

Equity, beginning = Assets, beginning - Liabilities, beginning
Equity, beginning = $64,000 - $33,000
Equity, beginning = $31,000

Equity, ending = Assets, ending - Liabilities, ending
Equity, ending = $58,000 - $49,000
Equity, ending = $9,000

Equity, ending = Equity, beginning + Contributions - Withdrawals + Revenues - Expenses
$9,000 = $31,000 + $18,000 - $16,000 + $245,000 - Expenses
$9,000 = $278,000 - Expenses
Expenses = $269,000

Answer to Requirement 2:

Net income (loss) = Revenues - Expenses
Net income (loss) = $245,000 - $269,000
Net income (loss) = -$24,000