Changes in Owners’ Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:

December 31 Total Assets Total Liabilities 2008 $ 25,000 $ 12,000 2009 79,000 67,000 2010 184,000 137,000 Required 1. Compute the changes in Coaches and Carriages’ owners’ equity during 2009 and 2010.

2. Compute the amount of Coaches and Carriages’ net income (or loss) for 2009 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 2010 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.

AppendixLO1