Question: 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 Total Assets Total Liabilities 2012 $48,700 $23,400 2013 169,200 145,100 2014 401,600 297,500
Required: 1. Compute the changes in Coaches and Carriages owners' equity during 2013 and 2014. If the change is a decrease, enter your answer as a negative number using a minus sign. 2013 change in owners' equity $ 2014 change in owners' equity $
2. Compute the amount of Coaches and Carriages' net income (or loss) for 2013 assuming that no dividends were paid and the owners made no additional contributions during the year. If the amount is a loss, enter your answer as a negative number using a minus sign. $