Problem
1. Calculate the missing amounts for companies A to E
|
A
|
B
|
C
|
D
|
E
|
|
Cash
|
$2,100
|
$ 800
|
$ ?
|
$5,400
|
$3,000
|
|
Equipment
|
5,600
|
4,800
|
4,400
|
6,300
|
?
|
|
Accounts Payable
|
2,800
|
?
|
1,650
|
2,700
|
5,400
|
|
Share capital
|
1,400
|
2,400
|
3,300
|
3,600
|
600
|
|
Retained earnings
|
?
|
800
|
550
|
?
|
1,200
|
2. Calculate the net income earned during the year. Assume that the change to shareholders' equity results only from net income earned during the year.
|
Assets
|
Liabilities
|
|
Balance Jan. 1, 2015
|
$112,500
|
$ 90,000
|
|
Balance Dec. 31, 2015
|
90,000
|
45,000
|
3. If total assets increased $25,000 and total liabilities decreased $7,000, what was the change in shareholders' equity?