7 r 31 2016 55000 34000 24000 60000 119000 24500215009000 40

7 r 31, 2016 $55,000 $34,000 $24,000 $60,000 $119,000 24,50021,5009,000 40,000 December 31,2017 art 4 of 5 Assets 58,000 40,000 85,000 113,000 IT?) , 26,500 29,000 24,000 70,000 During year 2017 Owner investments Net income (loss) Owner cash withdravals3,5002,0005,875 6,000 1,4009,750 8,500 6,500 8,000 14,000 20,000 0 11,000 4. Compute the amount of owner investments for Company D during year 2017. December 31, 2016 0 December 31, 2017 LiabilitiesEquity

Solution

Answer =1 December 31, 2016 For company D Assets = Liabilities + Equity $                                  60,000 = $                 40,000 + $                                   20,000 ($ 60,000 - $ 40,000) December 31, 2017 For company D Assets = Liabilities + Equity $                                  85,000 = $                 24,000 + $                                   61,000 ($ 85,000 - $ 24,000) STATEMENT OF OWNER\'S EQUITY Equity , December 31,2016 = $                 20,000 Add: Profit of the year = $                 14,000 Owner Investments = $                 27,000 ($ 61,000 - $ 20,000 - $ 14,000) Equity, December 31, 2017 $                 61,000