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EXERCISE 1-5 CHANGES IN OWNERS EQUITY THE FOLLOWING AMOUNTS ARE easy FROM THE RECORDS OF COACHES AND CARRIAGES Inc. at the end of the year indicated: DEC 31 constitutive(a) ASSETSTOTAL LIABILITIES 20062500012,000 20077900067000 2008184000137000 1. Compute the changes in coaches and Carriages owners equity during 2007 and 2008. Assets-liabilities= owners equity 2007 79000-67000=12000184000-137000=47000 12000+47000=59000 2. image the inwardness of Coaches and Carriages discharge income for loss for 2007 assuming that no dividends were paid during the year. 79000-67000=12000 3. compute the amount of coaches and Carriages net income for 2008 assuming that dividends Paid during the year amounted to $myriad 184000-(137000+10000)=37000 EXERCISE 1-9 mavin corporation has been in business for more years. Retained kale on January1 2008 is $235,800. The following information is operational for the first 2 months of 2008. JANFEB REVENUES83,00096,000 EXPENSES8900082,000 DIVIDENDS PAID05,000 Prep be a arguing of carry earnings for the month ended February 29 2008 REVENUES EXPENSES = acquit INCOME 83000-89000=-6000 96000-(82000+5000)=9000 BEG.

BAL+ can INCOME-DIVIDENDS=ENDING BALANCE JAN BAL 235,800-6000=229,800 FEB BAL229,800+9000=238,800 PROBLEM1-4 Prep are a correct balance pall ASSETS Accounts due13000 Cash21000 Accounts rec.16000 LIABILITIES Cash dividends16000 Furniture equip.43000 Capital stock20000 Supplies9000 solve INCOME FOR 2008=-50000-88000=-33000 PROBLEM 1-5 The following list, in alphabetical order, shows the va rious items that regular appear on the fin! ancial statements of Maple Park Theatres Cor. The amounts shown for balance opinion poll items are balances as of September 30 2008, with the exception of mark earnings, which is the balance on Sept 1 2008; and the amounts shown for income statement items are balances for the month...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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