Financial statement information about four different companies is as follows. Instructions (a) Determine the missing amounts. (b)

Question:

Financial statement information about four different companies is as follows.

Alpha Company Beta Psi Omega Company Company Company January 1, 2017 $ 80,000 $ 90,000 (d) 40,000 (g) 80,000 49,000 $150,000 (j) 90,000 Assets Liabilities 41,000 Owner's equity December 31, 2017 (a) (b) 60,000 50,000 112,000 72,000 (e) (k) 100,000 151,000 Assets 170,000 (h) 82,000 Liabilities Owner's equity Owner's equity


Instructions

(a) Determine the missing amounts.

(b) Prepare the owner’s equity statement for Alpha 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.

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Related Book For  answer-question

Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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