newconnectmhe Connect Saved 5 Required information The folow

newconnect.mhe Connect Saved 5 Required information The folowing information appilies to the questions displayed below The following financial statement information is from five separate companies Company Company Company $48,000 $37.440 $30.720 ses . 440 s131,so Liabilities 39,360 26,208 16,588 38,933 Decenber 31, sets Doring year 53,000 38.16096,460 146.280 Liabilities ? 25,948 17,399 46,300 115.56 2017 investnents 6.000 1,400 9,7506.500 set incom 12,710 6,000 16,673 9,O11 Ovner eash withdrawals 3,500 2,000 5,875 11,000 Compute the mount of habanes tr Company E on December 31, 206

Solution

December 31, 2017 - Company E Assets = Liabilities + Equity $146,280 = $115,561 + Equity Equity = $146,280 - $115,561 Equity = $30,719 Statement of Owner\'s Equity Equity, Dec 31, 2016 (Bal. Fig.) - ($21,708 -6,500 + $11,000)     26,208.00 Add: Investment made during 2017        6,500.00 Less: Withdrawls (11,000.00) Sub-total ($30,719 - $9,011)     21,708.00 Net Income (Loss) - 2017        9,011.00 Equity, Dec 31, 2017     30,719.00 December 31, 2016 - Company E Assets = Liabilities + Equity $131,040 = Liabilities + $26,208 Liabilities = $131,040 - $26,208 Liabilities = $104,832