Question

omega company?

Question 4 of 6 < > -11 Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities - Owner's equity - $34,150.) se у Beta Company Psi Company Omega Company 81.760 $92.270 $ 128,810 $152,600 47,610 53,570 (d) 80,860 4.150 (a) 38.700 47.950 87.140 9.120 (b) 110.500 182,200 (k) 60.160 74,880 102.730 (h) 108.900 48.960 35,620 (e) 79,470 156,500 Type here to search o 41%

Answer 1

	Omega Company
January 1
Assets	$152,600
Liabilities	$65,460 [Refer working note 1]
Owner's equity	$87,140
December 31
Assets	$265,400 [Refer working note 2]
Liabilities	$108,900
Owner's equity	$156,500
Owner's equity change in year
Additional investment	$12,700
Drawings	$10,900
Total revenues	$508,800
Total expenses	$441,240 [Refer working note 3]

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Working note 1 - Liabilities at January 1 Assets at January 1 = Liabilities at January 1 + Owner's equity at January 1 Liabilities at January 1 Assets at January 1-Owner's equity at January 1 = $152,600 – $87,140 = $65,460 Working note 2 - Assets at December 31 Assets at December 31 = Liabilities at December 31 + Owner's equity at December 31 = $108,900 + $156,500 = $265,400 Working note 3 – Total expenses Owner's equity at December 31 = Owner's equity at January 1 + Additional investment – Drawings + Total revenue – Total expenses Total expenses = Owner's equity at January 1 + Additional investment – Drawings + Total revenue – Owner's equity at December 31 $87,140 + $12,700 – $10,900 + $508,800 – $156,500 = $441,240