Answer:
See the explanation below.
Explanation:
Given the following;
Pittman Rose Beckman Jaffe
December 31, 2014:
Assets $80,000 $100,000 g $150,000
Liabilities 50,000 d $75,000 j
Equity a 60,000 45,000 90,000
December 31, 2015:
Assets b 130,000 180,000 k
Liabilities 55,000 62,000 h 80,000
Equity 45,000 e 110,000 145,000
During 2015:
Total revenues c 400,000 i 500,000
Total expenses 330,000 f 360,000 l
we have:
For Pittman
a = $80,000 - 50,000 = $30,000
b = $55,000 + 45,000 = $100,000
2015 Profit = 2015 Equity - 2014 Equity = $45,000 - $30,000 = $15,000
c = 2015 Profit + 2015 Total expenses = $15,000 + $330,000 = $345,000
For Rose
d = $100,000 - $60,000 = $40,000
e = $130,000 - $62,000 = $68,000
2015 Profit = $68,000 - $60,000 = $8,000
f = $400,000 - $8,000 = $392,000
For Beckman
g = $75,000 + $45,000 = $120,000
h = $180,000 - $110,000 = $70,000
2015 Profit = $110,000 - $45,000 = $65,000
i = $360,000 + $65,000 = $425,000
For Jaffe
j = $150,000 - $90,000 = $60,000
k = $80,000 + $145,000 = $225,000
2015 Profit = $145,000 - $90,000 = $55,000
l = $500,000 - $55,000 = $445,000
