(L. OBJ. 7, 9, 10) Using the accounting equation, preparing financial statements, and ev...

(L. OBJ. 7, 9, 10) Using the accounting equation, preparing financial statements, and evaluating business performance [30—40 min]

Compute the missing amount for Jones Company. You will need to work through total Owner’s equity.

Requirements

1. Did Jones earn a net income or suffer a net loss for the year? Compute the amount.

2. Would you consider Jones’s performance for the year to be good or bad? Give your reason.