Question

Determine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Owner’s equity = $31,460.)

		Sheridan Company			Beta Company			Psi Company			Omega Company
January 1, 2017
Assets		$78,770			$89,440			$enter a dollar amount	(g)		$153,900
Liabilities		47,310			enter a dollar amount	(d)		76,650			enter a dollar amount	(j)
Owner’s equity		enter a dollar amount	(a)		40,650			50,520			86,280
December 31, 2017
Assets		enter a dollar amount	(b)		114,500			183,200			enter a dollar amount	(k)
Liabilities		61,650			70,490			enter a dollar amount	(h)		108,200
Owner’s equity		50,780			enter a dollar amount	(e)		78,580			143,200
Owner’s equity changes in year
Additional investment		enter a dollar amount	(c)		8,490			10,580			13,910
Drawings		15,520			enter a dollar amount	(f)		12,190			11,990
Total revenues		348,600			409,100			enter a dollar amount	(i)		488,500
Total expenses		331,400			382,700			340,900

Answer 1