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Compute the missing amount for merciercompany

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Reference no: EM131815809

The records of Mercier Company show the following at December 31, 201620:

Requirements

1. Compute the missing amount for MercierCompany. You will need to work through owner's equity.

2. Did Mercier earn a net income or suffer a net loss for the year? Compute the amount.

Requirement 1. Compute the missing amount for MercierCompany. You will need to work through owner's equity.

Begin by working through owner's equity. Rework the accounting equation and then solve for owner's equity ("equity") at the beginning and end of the period.

 

Assets

-

Liabilities

=

Equity

Beginning

73,000

-

37,000

=

36,000

Ending

83,000

-

32,000

=

Identify the formula to show the change in equity and then complete the calculation to solve for the missing expenses for the period.

Requirement 2. Did Mercier earn a net income or suffer a net loss for the year? Compute the amount. Identify the formula and then solve for Mercier's net income or loss for the period.

Beginning:

 

 

Equity:

 

Assets

$73,000

Owner contributions

$4,000

Liabilities

37,000

Owner withdrawals

10,000

Ending:

 

Revenues

245,000

Assets

$83,000

Expenses

?

Liabilities

32,000

 

 

 

Reference no: EM131815809

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