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

ocator ess false Imported From IE S Word 2016 L1 Chapt Changes in Owners Equity The following amounts are available from the records of Coaches and Carriages Inc, at the end of the years indicated December 31 2015 2016 2017 Total Assets $41,400 Total Liabilities $19,900 19,400 244,800 330,500 1. Compute the changes in Coaches and Camiages 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 2. 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 the amount of Coaches and Carmages 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 (Pre Check My Work

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.

Expert Answer

 

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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