The following selected data are for Alexei Imports for its first three years of operations. Instructions Determine
Question:
The following selected data are for Alexei Imports for its first three years of operations.
Instructions
Determine the missing amounts.
Taking It Further
What information does the owner of a company need in order to decide whether he or she needs to invest additional cash in the business?
Transcribed Image Text:
2019 2020 2021 January 1: Total assets (a) $75,000 $127,000 Total liabilities (e) (f) (k) Total owner's equity (1) 60,000 December 31: Total assets (g) 170,000 75,000 Total liabilities Total owner's equity Changes during year in owner's equity: Investments by owner during the year Drawings by owner during the year Profit or loss for the year Total revenues for the year (b) (m) 45,000 (h) 100,000 45,000 (i) 5,000 (n) 10,000 (c) (d) 35,000 30,000 (1) 160,000 Total expenses for the year (0) 120,000 95,000
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a Total owners equity Jan 1 2019 60000 Total liabilities Jan 1 2019 0 Total assets Jan 1 2019 60000 b Total assets Dec 31 2019 75000 Total owners equi...View the full answer
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Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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