The following selected data are for Carducci Importers for i

The following selected data are for Carducci Importers for its first three years of operations: 2015 2016 2017 January 1: Total assets $40,100 (f) 111100 (j) Total liabilities 46,000(k) Total owner\'s equity 40100 65,100 (I) December 31: Total assets 140,000 170,600 Total liabilities 46,000 (g) 65000 65,000 Total owner\'s equity 75,000 (m) 105600 Changes during year in owner\'s equity: 0 (n) Investments by owner during the year Drawings by owner during the year Profit or loss for the year Total revenues for the year Total expenses for the year 7,000 12,400 (h) 36,000 40,000 (o) 30000 132,000 (i) 145000 157,000 105,000 127,000

Solution

(a) Total owner\'s equity 1 jan 2015
= Total Assets - Total Liability
= $40100 - $0
= $40100

(b) Total Asset 31st Dec 2015
= Total Liability as on 1st Jan 2016 + Total Owner\'s Equity as on 1st Jan 2016
= $46000 + $65100
= $111100

(c) Total Owner\'s Equity as on 31st 2015 = Owner\'s Equity as 1st Jan 2016 = $65100

(d) Profit & Loss as on 31st dec 2015
= Total Owner\'s Equity as on 31st 2015 - Owner\'s Equity as 1st Jan 2015 - Investment by owner during 2015 + Drawings by owner during 2015
= $65100 - $40100 - $7000 + $12400
=$30400

(e) Total Expenses for 2015
= Total Revenue For 2015 - Profit & Loss as on 31st dec 2015
= $132000 - $30400
= $101600

(f) Total Assets as on 1st jan 2016 = Total Assets as on 31st dec 2015 = $$111100

(g) Total Liability as on 31st dec 2016
= Total Assets on 31st dec 2016 - Owner\'s equity on 31st Dec 2016
= $140000 - $75000
= $65000

(h) Drawings by owner During 2016
= Total Owner\'s equity as on 1st jan 2016 + Profit & Loss For 2016 + Investment by owner during 2016 - Total owner\'s equity as on 31st dec 2016
= $65100 + $40000 + 0 - $75000
= $30100

(i) Total Revenue as on 31st Dec 2016
= Profit & Loss For 2016 + Total Expenses For 2016
$40000 + $105000
$145000

(j) Total Assets as on 1st Jan 2017 = Total Asset as on 31st Dec 2016 = $140000

(k) Total liabilities as on 1st Jan 2017 = Total Liabilities as on 31st Dec 2016 = $65000

(l) Total owner\'s equity as on 1st Jan 2017 = Total owner\'s equity as on 31st Dec 2016 = $75000

(m) Total owner\'s equity as on 31st Dec 2017
= Total Asstets as on 31st dec 2017 - Total Liability as on 31st dec 2017
= $170600 - $65000
= $105600

(n) Investments by owner during 2017
= Total Owner\'s equity as on 31st Dec 2017 + Drawings by onwer during 2017 - Profit & Loss For 2017 - Total owner\'s equity as on 31st dec 2016
=$105600 + $36000 -  $30000 - $75000
= $36600

(o) Profit & Loss For 2017
= Total Revenue for 2017 - Total Expenses for 2017
= $157000 - $127000
= $30000