Trying to find out how the expense(262000 was figured: It isn’t given in the chart below.4.Review Only3: Data TableThe records of Company show the following Mercier at December 31, 2016:1. Compute the missing amount for Mercier Company. You will need to work through owner’s equity. 2. Did Mercier earn a net income or suffer a net loss for the year? Compute the amount. Click the icon to see the Worked Solution.Requirement 1. Compute the missing amount for Mercier Company. You will need to work through owner’s equity.Begin by working through owner’s equity. Rework the accounting equation and then solve for owner’s equity (“equity”) atthe beginning and end of the period.Assets Liabilities= EquityBeginning $ 68,000 $41,000 = $ 27,000Ending $ 37,000 $32,000 = $ 5,000Identify the formula to show the change in equity and then complete the calculation to solve for the missing expenses forthe period. (For accounts with a $0 balance, make sure to enter “0” in the appropriate column. Abbreviations used:Contributions = Owner contribution? Withdrawals = Owner withdrawal? Capital, Beg. = Capital, Beginning.)Capital, Beg. + Revenues -Expenses+ Contributions- Withdrawals= Capital, Ending$ 27,000 + $ 238,000- $262,000 + $ 12,000 $-10,000 = $ 5,000Beginning: Equity:Assets $ 68,000 Owner contributions $ 12,000Liabilities 41,000 Owner withdrawals 10,000Ending: Revenues 238,000Assets $ 37,000 Expenses ?Liabilities 32,000
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