Financial statement information about four different is as follows.

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.

Transcribed Image Text:

Alpha Beta Psi Omega Company Company Company Company January 1, 2020 $ 80,000 $ 90,000 $150,000 Assets (g) Liabilities 41,000 (j) 90,000 (d) 80,000 Owner's equity (a) 40,000 49,000 December 31, 2020 (b) (k) Assets 112,000 170,000 Liabilities 60,000 72,000 (h) 100,000 Owner's equity Owner's equity changes in year 50,000 (e) 82,000 151,000 Additional investment 8,000 (c) 15,000 10,000 15,000 10,000 Drawings (f) 12,000 Total revenues 350,000 410,000 (i) 500,000 Total expenses 385,000 333,000 350,000 (1)