Question

Determine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Owner’s equity = $32,960.)

Wildhorse Company Beta Company Psi Company Omega Company January 1, 2017 Assets $80,320 33,580 (8) $145,000 $89,740 $ 47,380 (d) Liabilities 47,360 84,310 53,640 Owner's equity 32,960 (a) 42,360 50,730 91.360 December 31, 2017 Assets 114,700 172,300 41.300 (k) 11,630 (b) 61,750 Liabilities 70.600 88,910 (h) 107,800 Owner's equity 50,120 44100 (e) 83,390 149,100 Owner's equity changes in year Additional investment 3,710 (c) 8,460 10.160 15,670 Drawings 17,910 33060 (f) 12,130 11.210 Total revenues 350,100 411,700 350,170 (0) 505.200 Total expenses 335,900 387,100 348,200 509,660

Answer 1

Answer:

	Wildhorse		Beta		Psi		Omega
January 1,2017
Assets	$80,320		$89,740		$135,040	(g)	$145,000
Liabilities	$47,360		$47,380	(d)	$84,310		$53,640	(j)
Owner's Equity	$32,960	(a)	$42,360		$50,730		$91,360
December 31,2017
Assets	$111,870	(b)	$114,700		$172,300		$256,900	(k)
Liabilities	$61,750		$70,600		$88,910	(h)	$107,800
Owner's Equity	$50,120		$44,100	(e)	$83,390		$149,100
Owner's equity changes in year
Additional investment	$20,870	(c)	$8,460		$10,160		$15,670
Drawings	$17,910		$31,320	(f)	$12,130		$11,210
Total revenues	$350,100		$411,700		$382,830	(i)	$505,200
Total expenses	$335,900		$387,100		$348,200		$451,920	(l)

Formulas used to get the answers:

i.Assets = Liabilities + Owner's Equity

ii.Owner's Equity, Dec 31 2017

= Owner's Equity, Jan 1,2017 + Additional investment - Drawings + Total revenues - Total expenses