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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Definitions:

Unarmed Robbery

The act of stealing from someone without the use of weapons.

Violence

The use of physical force with the intent to injure, damage, or kill someone or something.

Burglars

Individuals who unlawfully enter buildings with the intent to commit theft or any other felony.

Empty House

A building or space with no current occupants, often evoking a sense of abandonment or solitude.