Required information Problem 1-2A Computing missing information using accounting knowledge LO A1, P1 (The following information...

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Required information Problem 1-2A Computing missing information using accounting knowledge LO A1, P1 (The following informati

business accounting

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Answer 1

Answer #1

1)

Missing Figure of Company A

We Know the accounting equation =

Asset = Owners Equity + Liabilities

So, the Owners equity on Dec, 2016 Will be = (44000 - 36080) = $ 7920

Now, on Dec,2017 the Closing Balance of Owners Equity will be -

Closing Balance on Dec,2016 = $ 7920

Add: Further Investment on Dec, 2017 = $ 6000

Add Net Income (Loss) = $ 11630

Less: Drawings = $ 3500

Closing Balance Dec, 2017 = $ 22050

So, The Liabilities on Dec, 2017 = $ 49000 - $ 22050 = $ 26950

Missing Figure Of Company B

Closing Balance of Owners Equity on Dec, 2016 = ( 34320 - 24024) = $ 10296

Closing Balance of Owners Equity on Dec, 2017 = ( 35280 - 23990 ) = $ 11290

Now if we can say that,

Closing Balance of Owners equity on Dec, 2017 =

Closing balance of owners equity on Dec, 2016 + Owners investment in 2017 + Net income 2017 - Withdrawals,

11290 = 10296 + 1400 + Net income, 2017 - 2000

So, Net income In 2017 = 10296 +1400 - 2000 - 11290 = - 1594

Missing Figure of Company C

Closing Balance of Owners Equity of Dec, 2016 = ( 28160 - 15206) = $ 12954

We Know the Accounting Equition -

Asset = Owners Equity + Liabilities

Closing Balance of Owners Equity on Dec, 2017 = ( 12954 + 9750 + 6800 - 5875) = $ 23629

Thus, The Asset on Dec, 2017 = (23629 + 16086) = $ 39715

Missing Figure of Company D

Closing Balance of Owners Equity on Dec, 2016 = ( 78320 - 54040) = $ 24280

Closing Balance of Owners Equity on Dec, 2017 = ( 89180 - 42806) = $ 46374

We can say that,

Closing balance of Owners Equity , Dec, 2017 =

Closing Balance Of Owners Equity On Dec, 2016 + Owner Investment + Net Income

46374 = 24280 + Owner investment + 15094

Owner Investment = 46374 - 24280 - 15094 = $ 7000

Missing Figure Company E

Closing Balance of Owners Equity on Dec, 2017 = ( 135240 - 106839) = $ 28401

So, we can say that,

28401 = Closing Balance of Owners Equity, Dec, 2016 + 6500 + 8877 - 11000

Closing Balance Of Owners Equity Dec, 2016 = 28401 - 6500 - 8877 + 11000 = $ 24024

So, Liability on Dec, 2016 = Asset on Dec, 2016 - Closing Balance of Owners Equity on Dec, 2016

= ( 120120 - 24024) = $ 96096

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