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Financial Statements Exercise: Calculating Owners' Equity and Net Income, Assignments of Accounting

Ho Chi Minh City University of Economics (HMCUE)Accounting

The financial statements for a business entity and guides the reader through calculating the owners' equity and net income using different sets of data. Step-by-step instructions and calculations for exercise 1.1a and exercise 1.2a.

Typology: Assignments

2021/2022

Uploaded on 01/19/2022

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PA10_GROUP 6_PE_CH1
Exercise 1.1A
Assets
= Liabilities
+ Owners’ Equity
Beginning
$ 50,000
$ 22,000
$ 28,000
Changes
$ 30,000
$ 13,000
$ 17,000
Ending
$ 80,000
$ 35,000
$ 45,000
a. Owners’ Equity = Capital - Drawing + Net income
→ $17,000= $3,000 - $7000 + Net Income
→ Net Income = $21,000
b. Owners’ Equity = Capital - Drawing + Net income
→ $17,000 = $15,000 - 0 + Net income
→ Net income = $2,000
c. Owners’ Equity = Capital - Drawing + Net income
→ $17,000= 0 - $12,000+ Net Income
→ Net Income = $29,000
Exercise 1.2A
1.
Assets
=
Liabilities
+ Owners’ Equity
+Account
Receivable
+Supplies
+Equipment
=
Accounts
Payable
+ Owner’s
Capital
- Owner’s
Drawings
+Revenue
-Exp.
a
+10,000
+80,000
b
+40,000
c
+15,000
d
+1,200
+1,700
+2,900
e
-500
f
+2,800
+2,800
g
+4,000
h
-3,275
pf2

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PA10_GROUP 6_PE_CH

Exercise 1.1A Assets = Liabilities + Owners’ Equity Beginning $ 50,000 $ 22,000 $ 28, Changes $ 30,000 $ 13,000 $ 17, Ending $ 80,000 $ 35,000 $ 45, a. Owners’ Equity = Capital - Drawing + Net income → $17,000= $3,000 - $7000 + Net Income → Net Income = $21, b. Owners’ Equity = Capital - Drawing + Net income → $17,000 = $15,000 - 0 + Net income → Net income = $2, c. Owners’ Equity = Capital - Drawing + Net income → $17,000= 0 - $12,000+ Net Income → Net Income = $29, **Exercise 1.2A

Assets = Liabilities + Owners’ Equity** Cash +Account Receivable +Supplies +Equipment = Accounts Payable

  • Owner’s Capital
  • Owner’s Drawings +Revenue - Exp. a +70,000 +10,000 +80, b - 40,000 +40, c - 15,000 +15, d +1,200 +1,700 +2, e - 500 - 500 f +2,800 +2, g +4000 +4, h - 3,275 - 3,

i +1,800 - 1, j - 700 - 700 k - 1,800 - 1, Total

2. Net Income = Revenue - Expense = ($2,800 +$ 4,000) - ($500 + $1,800) = $ 4,