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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Exercise 1-6 Changes in Owners’ Equity
The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:
Â
December 31           Total Assets        Total Liabilities
|
 |
2012 |
$ Â 25,000 |
$ Â 12,000 |
|
2013 |
79,000 |
67,000 |
|
|
2014 |
184,000 |
137,000 |
|
|
Required |
 |
 |
 |
1.       Compute the changes in Coaches and Carriages owners’ equity during 2013 and 2014.
2.       Compute the amount of Coaches and Carriages’ net income (or loss) for 2013 assuming that no dividends were paid and the owners made no additional contributions during the year.
3.       Compute the amount of Coaches and Carriages’ net income (or loss) for 2014 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.
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