2013 2014 2015 Assets 01/01 450,000 540,000 ? Liabilities 01/01 100
| 2013 | 2014 | 2015 | |
| Assets 01/01 | 450,000 | 540,000 | ? |
| Liabilities 01/01 | 100,000 | 150,000 | 120,000 |
| Equity 01/01 | 350,000 | 390,000 | ? |
| CS 01/01 | 200,000 | 220,000 | 235,000 |
| RE 01/01 | 150,000 | 170,000 | ? |
| A 12/31 | 540,000 | 505,000 | 545,000 |
| L 12/31 | 150,000 | ? | 115,000 |
| E 12/31 | 390,000 | ? | ? |
| CS 12/31 | 220,000 | ? | 250,000 |
| RE 12/31 | 170,000 | ? | ? |
| Net income | 40,000 | ? | ? |
| Dividends | 20,000 | 15,000 | 30,000 |
I am stuck I want to figure out the rest of them not just the answers but how to solve it.
Homework Answers
Answers
- All working forms part of the answer
- Following equations are used to find missing figures:
>Asset = Liabilities + Equity
>Increase (decrease) in Retained Earnings = Net Income (Loss) – Dividends
>CS + RE = Total Equity.
- Answers, with missing figures:
|
2013 |
2014 |
2015 |
||
|
1 |
Assets 01/01 |
$ 450,000.00 |
$ 540,000.00 |
$ 505,000.00 |
|
2 |
Liabilities 01/01 |
$ 100,000.00 |
$ 150,000.00 |
$ 120,000.00 |
|
3 |
Equity 01/01 |
$ 350,000.00 |
$ 390,000.00 |
$ 385,000.00 |
|
4 |
CS 01/01 |
$ 200,000.00 |
$ 220,000.00 |
$ 235,000.00 |
|
5 |
RE 01/01 |
$ 150,000.00 |
$ 170,000.00 |
$ 150,000.00 |
|
6 |
A 12/31 |
$ 540,000.00 |
$ 505,000.00 |
$ 545,000.00 |
|
7 |
L 12/31 |
$ 150,000.00 |
$ 120,000.00 |
$ 115,000.00 |
|
8 |
E 12/31 |
$ 390,000.00 |
$ 385,000.00 |
$ 430,000.00 |
|
9 |
CS 12/31 |
$ 220,000.00 |
$ 235,000.00 |
$ 250,000.00 |
|
10 |
RE 12/31 |
$ 170,000.00 |
$ 150,000.00 |
$ 180,000.00 |
|
11 |
Net income |
$ 40,000.00 |
$ (5,000.00) |
$ 60,000.00 |
|
12 |
Dividends |
$ 20,000.00 |
$ 15,000.00 |
$ 30,000.00 |
- Working for above missing figures:
|
2013 |
2014 |
2015 |
||
|
1 |
Assets 01/01 |
450000 |
540000 |
505000 |
|
2 |
Liabilities 01/01 |
100000 |
150000 |
120000 |
|
3 |
Equity 01/01 |
350000 |
390000 |
=505000-120000 |
|
4 |
CS 01/01 |
200000 |
220000 |
235000 |
|
5 |
RE 01/01 |
150000 |
170000 |
150000 |
|
6 |
A 12/31 |
540000 |
505000 |
545000 |
|
7 |
L 12/31 |
150000 |
120000 |
115000 |
|
8 |
E 12/31 |
390000 |
=505000-120000 |
=545000-115000 |
|
9 |
CS 12/31 |
220000 |
235000 |
250000 |
|
10 |
RE 12/31 |
170000 |
=385000-235000 |
=430000-250000 |
|
11 |
Net income |
40000 |
-5000 [Decrease in RE = $ 20,000 including decrease of $ 15,000 of dividend, hence Net Loss $ 5,000] |
60000 [Net Increase in RE = $ 30,000 which include decrease by Dividends of $ 30,000, Hence Net Income = 30000 + 30000 = $ 60,000 |
|
12 |
Dividends |
20000 |
15000 |
30000 |
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