Maurice Tutor
$15/per page/Negotiable
Financial statement information about four different companies is as follows.
| Â |
Luo |
Foster |
Usher |
Merritt |
|
January 1, 2014 |
 |  |  |  |
|
Assets |
$ 95,000 |
$110,000 |
(6") |
$170,000 |
|
Liabilities |
50,000 |
(d) |
75,000 |
(j) |
|
Owner"s equity |
(a) |
60,000 |
45,000 |
90,000 |
|
December 31, 2014 |
 |  |  |  |
|
Assets |
(b) |
141,000 |
200,000 |
(k) |
|
Liabilities |
55,000 |
75,000 |
(h) |
80,000 |
|
Owner"s equity |
63,000 |
(e) |
130,000 |
162,000 |
|
Owner"s equity changes in year |
 |  |  |  |
|
Additional investment |
(c) |
15,000 |
10,000 |
15,000 |
|
Drawings |
25,000 |
(f) |
14,000 |
20,000 |
|
Total revenues |
350,000 |
420,000 |
(i) |
520,000 |
|
Total expenses |
320,000 |
385,000 |
342,000 |
Cl) |
Instructions
(a) Determine the missing amounts.
(b) Prepare the owner"s equity statement for Foster Company.
(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the owner"s equity statement to the income statement and balance sheet.