Link Back to Chapter 1 (Accounting Equation). The Coca-Cola Company is famous worldwide for its soft drinks. At the end of 1999, Coca-Cola had total assets of $22 billion and liabilities totaling $12 billion. Required 1. Write the company's accounting equation, and label each element as a debit amount or a credit amount. 2. Coca-Cola's total revenues for 1999 were $20 billion, and total expenses for the year were $18 billion. How much was Coca-Cola's net income (or net loss) for 1999? Write the equation to compute Coca-Cola's net income, and indicate which element is a debir amount and which element is a credit amount. Does net income represent a net debit or a net credit? Does net loss represent a net debit or a net credit? Review Exhibit 1-7. page 20. if needed. 3. During 1999, the owners of Coca-Cola withdrew $1 billion in the form of dividends (same as owner Withdrawals). Did the dividends represent a debit amount or a credit amount?