Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2012 for Johnson Company. Owner’s Capital—December 31, 2012$170,000 Owner’s investments during 2012$30,000 Owner’s withdrawals during 2012$80,000 Net income for 2012$125,000 2.Given the following information, determine the three missing amounts. Owner's Equity Changes Beginning of the Year End of the Year During the Year Total Assets $62,000 Total Assets ??? Investments $22,000 Total Liabilities 23,000 Total Liabilities 40,000 Drawings 10,000 Total Owner's Equity ??? Total Owner's Equity 58,000 Revenues ??? Expenses 57,000
Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems.
1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2012 for Johnson Company.
Owner’s Capital—December 31, 2012$170,000
Owner’s investments during 2012$30,000
Owner’s withdrawals during 2012$80,000
Net income for 2012$125,000
2.Given the following information, determine the three missing amounts.
Owner's Equity Changes
Beginning of the Year End of the Year During the Year
Total Assets $62,000 Total Assets ??? Investments $22,000
Total Liabilities 23,000 Total Liabilities 40,000 Drawings 10,000
Total Owner's Equity ??? Total Owner's Equity 58,000 Revenues ???
Expenses 57,000
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