Use the following equation for solving the balance sheet related question:
Capital(equity) = Assets - Liabilities
Pittman:
2014
a. Equity = Asset - Liabilities = $80,000 - $50,000 = $30,000
2015
b. Asset = Liabilities + equity = 55000 + 45000 = $100,000
c. Expenses = 330000
Revenue = Expenses + Profit
Increase in Asset in 2015 = 100000 - 80000 = 20000
It is evident that out of $20,000, $5,000 came as a result of increase in liability and and $5,000 came as a result of decrease (sale) of equity.
So the other 10000 increase in assets came from the profit earned during the year.
Therefore Total Revenu = $330,000 + $10,000 = $340,000
Rose:
d. Liabilities (2014)= 100000 - 60000 = $40,000
e. Equity (2015) = 130000 - 62000 = $68,000
f. Total Expenses:
Increase in Assetes = 130000 - 100000 = 30000
increase in Liabilities = 62000 - 40000 = 22,000
Increase in Equity = 68000 - 60000 = 8000
out of 30000 increase in assets, 22000 is funded by increase in liabilities, so 8000 remaining and 8000 increase in equity is from profits (16000) from the year.
Total Expenses = $400,000 - $16,000 = $384,000
Beckmen:
g. Assets(2014) = 75000 + 45000 = $120,000
h. Liabilities (2015) = 180000 - 110000 = $70,000
i. Revenues
Incerease in Assets = 180000 - 120000 = $60,000
Decrease in Liabilities = 70000 - 75000 = -$5,000
Increase in Equity = 110000 - 45000 = $65,000
Increase in asset of 60000 is funded 5000 from liabilities, still 55000 remains unadjusted
Also there is gain in equity of 65000.
These funds would have come from profits from the year = 55000 + 65000 = $120.000
Total Revenues = 360000 + 120000 = $480,000
Jaffe:
j. Liabilities (2014) = 150000 - 90000 = $60,000
k. Assets (2015) = 80000 + 145000 = $225,000
Asset increased from 150000 to 225000 = $75,000
Increase in equity = 145000 - 90000 = $55,000
Increase in Liabilities =80000 - 60000 = $20,000
Increase in Assets is funded 20000 from incrase in liabilities
rest 55000 incrase in asset and 55000 increase in equity is a result of profit during the year = 55000+55000 = $110,000
l. Total Expenses = $500,000 - $110,000 = $390,000
I need help solving the missing values 4.3 Here is financial statement information on four not-for-profit...
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