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The following selected data are for Alexei Imports for its first three years of operations. 2022 2023 2024 January 1: Total assets (a) $75,000 $127,000
The following selected data are for Alexei Imports for its first three years of operations.
| 2022 | 2023 | 2024 | |
| January 1: | |||
| Total assets | (a) | $75,000 | $127,000 |
| Total liabilities | 0 | (e) | (k) |
| Total owners equity | 60,000 | (f) | (l) |
| December 31: | |||
| Total assets | 75,000 | (g) | 170,000 |
| Total liabilities | (b) | 45,500 | (m) |
| Total owners equity | 45,000 | (h) | 100,000 |
| Changes during year in owners equity: | |||
| Investments by owner during the year | 5,000 | (i) | 0 |
| Drawings by owner during the year | 0 | 10,000 | (n) |
| Profit or loss for the year | (c) | 35,000 | 30,000 |
| Total revenues for the year | (d) | (j) | 160,000 |
| Total expenses for the year | 120,000 | 95,000 | (o) |
Instructions
- Determine the missing amounts.
- What information does the owner of a company need in order to decide whether they need to invest additional cash in the business?
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Auditing And Assurance Services
Authors: William Messier, Steven Glover, Douglas Prawitt
6th International Edition
0071284664, 978-0071284660
