Problem:
Consider the following abbreviated financial statements for Weston Enterprises: Weston Enterprises 2011 & 2012 Partial Balance Sheets Assets Liabilities & Owner' Equity 2011 2012 2011 2012 Current assets $936 $1,015 Current liabilities $382 $416 Net Fixed Assets 4176 4896 Long-term debt 2,160 2,477
Weston Enterprises 2012 Income Statement Sales $12,380 Costs $5,776 Depreciation $1,150 Interest paid $314
Required:
Question 1: What is owners' equity for 2011 and 2012?
Note: Explain all steps comprehensively.