Question
Goldman Corporation provided you with the following information for the month of January 2021: Total assets on 1 st January 2021 $230,000 Total liabilities on
Goldman Corporation provided you with the following information for the month of January 2021:
| Total assets on 1st January 2021 | $230,000 |
| Total liabilities on 1st January 2021 | $120,000 |
| Total cash inflows for the month of January 2021 | $85,000 |
| Total assets on 31st January 2021 | $250,000 |
| Total revenues for the month of January 2021 | $130,000 |
| Total expenses for the month of January 2021 | $90,000 |
| Total cash at bank on 31st January 2021 | $77,500 |
| The owners contributed additional $30,000 capital to the business on 9th January 2021. | |
| The owners took home some office supplies worth $1,000 for personal use on 26th January 2021. | |
Required:
Calculate Goldman Corporations TOTAL OWNERS EQUITY on 31st January 2021.
(3 marks)
Answer here:
Has Goldman Corporations TOTAL LIABILITIES increased or decreased and by how much, from 1st January 2021 to 31st January 2021?
(1 mark)
Answer here:
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
