Homework Answers
Solution:
Dakota:
| Owner's equity at the end of year ($928,000 - $352,000) | $576,000 |
| Deduct owner's equity at the beginning of the year ($605,000 - $237,000) | -$368,000 |
| Ney income (Increase in owner's equity) | $208,000 |
Jersey:
| Increase in owner's equity (as determined for Dakota) | $208,000 |
| Add: Withdrawals | $40,000 |
| Net income | $248,000 |
Carolina:
| Increase in owner's equity (as determined for Dakota) | $208,000 |
| Deduct additional investment | -$66,000 |
| Net income | $142,000 |
Iowa:
| Increase in owner's equity ( as determined for Dakota) | $208,000 |
| Deduct additional investment | -$66,000 |
| $142,000 | |
| Add: withdrawals | $40,000 |
| Net income | $182,000 |
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