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Determine the missing amounts. (Hint: For example, to solve for (a), Assets - Liabilities = Owners equity = $29,460.) Beta S

Omega Company 9151,100 (i) 85,850 (k) 103,700 147,600 17,780 11,330) 489,100 (1)

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Answer #1
Sheridan Company Beta Company Psi Company Omega Compnay
01-Jan-17
ASSETS $ 78650 $ 92510 $ 134840 G. $ 151100
Liabilities 49190 53000 D 83780 65250 J
Owners Equity 29460 A. 39510 51060 85850
dec31,2017
Assets 110180 B. 108800 174000 251300 K
Liabilities 58540 71250 93590 H. 103700
Owners equity 51640 37550 E 80410 147600
Owners equitychanges in the year
Additional investment 21300 C. 7390 10990 17780
Drawings 15720 39250 F. 12190 11330
Total revenue 348900 415500 376850 I. 489100
Total expenses 332300 385600 346300 433800 L

NOTES: 1. A =ASSETS - LAIBILITES= Owners equity$=78650-49190=$29460

2. B=  ASSETS = Owners equity + Liabilites=$51640+58540=$110180

3. C. Owners equity on 31 dec = owners equituy on ist jan + profit (revenue-expense)

-drawings +additioanl investment

51640 =29460+(348900-332300)-15720+investment

51640 =29460+880-investment =51640-30340=$21300
All others have been calculated on same basis.
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