# Answered Essay: The following amounts are available from the records of Coaches and Carriages Inc, at the end of the years indicated: Compute the c

The following amounts are available from the records of Coaches and Carriages Inc, at the end of the years indicated: Compute the changes in Coaches and Carriages owners’ equity during 2016 and 2017. If the change is a decrease, enter your answer as a negative number using a minus sign. 2016 change in owners’ equity \$ 2017 change in owners’ equity \$ Compute the amount of Coaches and Carriages’ net income (or loss) for 2016 assuming that no dividends were paid and the owners made no additional contributions during the year, the amount is a loss, enter your answer as a negative number using a minus sign. Compute the amount of Coaches and Carriages’ net income (or loss) for 2017 assuming that dividends paid during the year amounted to \$11,300 and no additional made by the owners. If the amount is a loss, enter your answer as a negative number using a minus sign.

Owner’s equity = assets – liabilities.

first we shall find out owner’s equity of each year

 Year Total assets Total Liabilities Owner’s Equity 2015 \$41,400 \$19,900 (\$41,400 – \$19,9000))=>\$21,500 2016 \$139,600 \$119,400 (\$139,600 – \$119,400)=>\$20,200 2017 \$330,500 \$244,800 (\$330,500 – \$244,800)=>\$85,700

1.Computation of Changes in owner’s equity:

 2016 change in owner’s equity (2016 owner’s equity – 2015 owner’s equity) =>(20,200 – 21,500) -\$1,300 2017 change in owner’s equity (2017 owner’s equity – 2016 owner’s equity) =>(85,700 – 20,200) \$65,500

2.

Coaches and Carriages owner’s net income during 2016

Net income = change in owner’s equity – additional contribution + dividends paid

=> – \$1,300 – \$0 + \$0 => -\$1,300.

Net loss = – \$1,300.

3.

Net income for 2017.

Net income = change in owner’s equity – additional contribution + dividends paid.

=>\$65,500 – \$0 + \$11,300 =>\$76,800.

Net income = \$76,800.

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