Answer:
1. $13,000
2. $34,000
3. $52,200
4. $28,100
5. $13,700
6. ($18,500)
Explanation:
Hi, I have attached the full question as pdf below
The Accounting equation is stated as :
Assets = Equity + Liabilities
also stated as,
Equity = Assets - Liabilities
therefore,
1. Equity = $29,000 - $16,000 = $13,000
2. Equity = $63,000 - $29,000 = $34,000
now
Beginning Equity + Common Stock Issue + Net Income - Dividends = Ending Equity
where,
Beginning Equity = $13,000 (calculated)
Ending Equity = $34,000 (calculated)
therefore,
3. Net Income = $34,000 +$36,700-$13,000-$5,500 = $52,200
4. Common Stock = $34,000 + $8,100 - $13,000 - 1,000 = $28,100
5. Dividends = $13,000 + $16,700 + $18,000 - $34,000 = $13,700
6. Net (Ioss) = $34,000 - $13,000 - $41,100 + $1,600 = ($18,500)
