Homework Answers
| Company B | ||||
| Calculate amount of equity on December 31, 2016 | ||||
| Assets | Total liabilities + Total equity | |||
| 34320 | 24024 + Total equity | |||
| Total equity | 34320-24024 | |||
| Total equity | $10,296 | |||
| Thus, amount of equity on December 31, 2016 for company B is $10,296 | ||||
| Calculate amount of equity on December 31, 2017 | ||||
| Assets | Total liabilities + Total equity | |||
| 35280 | 23990 + Total equity | |||
| Total equity | 35280-23990 | |||
| Total equity | $11,290 | |||
| Thus, amount of equity on December 31, 2017 for company B is $11,290 | ||||
| Calculate net income for year 2017 | ||||
| Equity, December 31, 2016 | $10,296 | |||
| Add: Owner investment | $1,400 | |||
| Add: Net income for year | $1,594 | (13290-10296-1400) | ||
| $13,290 | ||||
| Less: Cash withdrawal | $2,000 | |||
| Equity, December 31, 2017 | $11,290 | |||
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