Use the Following Information to Calculate for the Year Ended

question 125

Essay

Use the following information to calculate for the year ended December 31 2016 (a) net income (b) ending owner's equity and (c) total assets. $$\begin{array} { l r l r } \text { Supplies } & \$ 3,000 & \text { Revenues } & \$ 25,000 \\\text { Operating expenses } & 11,000 & \text { Cash } & 15,000 \\\text { Accounts payable } & 9,000 & \text { Drawings } & 1,000 \\\text { Accounts receivable } & 3,000 & \text { Notes payable } & 2,000 \\\text { Beginning Capital } & 5,000 & \text { Equipment } & 8,000\end{array}$$
-Listed below in alphabetical order are the balance sheet items of Middleton Company at December 31 2016. Prepare a balance sheet and include a complete heading. $\begin{array}{lr}\text { Accounts payable } & \$ 21,000 \\\text { Accounts receivable } & 15,000 \\\text { Buildings } & 91,000 \\\text { Cash } & 6,000 \\\text { Equipment } & 17,000 \\\text { Owner's Capital } & 108,000\end{array}$

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Competitive Business Environments

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