Homework Answers
Stockholder's equity closing balance is $ 429000 which includes PIC closing balance of $ 192000. Therefore ending balance of RE is $ 237000.
Changes in PIC during the year is Increase of $ 162000 (192000-30000).
Decrease in Liabilities = $ 18000.(given)
Increase in assets = $ 65000.(given)
Solving the following equation:
Changes in Assets = Changes in Liabilities + Changes in PIC + Changes in RE
65000 = (18000) + 162000 + Changes in RE
Therefore, the changes in RE = ( 79000)
Therefore, the beginning RE = 237000+79000 = 316000
Hence, the beginning Assets = 320000+30000+316000 =666000
| Stockholder's equity | ||||||
| Assets | Liabilities | PIC | RE | |||
| Beginning | 666000 | 320000 | 30000 | 316000 | ||
| Changes | 65000 | -18000 | 162000 | -79000 | (65000-(18000)-162000) | |
| Ending | 731000 | 302000 | 192000 | 237000 | (429000 total SE) | |
| Net income(loss)- dividends=Retained earnings | |||
| Net income ( loss) -25000= -79000 | |||
| Net loss= -79000 + 25000 | |||
| -54000 | |||
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