Problem:
The balance sheet at 12/31/04 and 12/31/05 show the following:
Current Assets Long Term Assets C Liabilities LT Liabilities Owners Equity
04 ? ? $360,000 ? ?
05 ? $750,000 ? ? $420,000
All Assets & Liabilities are included. During 2005, Net Income was the only event, other than Dividends Declared of $140,000, affecting Equity. Working Captial decreased by 20% during the year, and is $200,000 at 12/31/05. Total Assets at 12/31/04 were $1,350,000. During 2005, Current Assets increased by $70,000 and Long-Term Liabilites decreased by $90,000.
Compute the amt of 1) Working Captial at 12/31/04, 2) Long-Term Assets at 12/31/04, 3) Net Income reported FYE 12/31/05 4) Owners Equity at 12/31/04