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Question: The following financial statement information is

The following financial statement information is from five separate companies:
The following financial statement information is from five separate companies:


Required
1. Answer the following questions about Company A:
a. What is the amount of equity on December 31, 2014?
b. What is the amount of equity on December 31, 2015?
c. What is the amount of liabilities on December 31, 2015?
2. Answer the following questions about Company B:
a. What is the amount of equity on December 31, 2014?
b. What is the amount of equity on December 31, 2015?
c. What is net income for year 2015?
3. Calculate the amount of assets for Company C on December 31, 2015.
4. Calculate the amount of owner investments for Company D during year 2015.
5. Calculate the amount of liabilities for Company E on December 31, 2014.

Required 1. Answer the following questions about Company A: a. What is the amount of equity on December 31, 2014? b. What is the amount of equity on December 31, 2015? c. What is the amount of liabilities on December 31, 2015? 2. Answer the following questions about Company B: a. What is the amount of equity on December 31, 2014? b. What is the amount of equity on December 31, 2015? c. What is net income for year 2015? 3. Calculate the amount of assets for Company C on December 31, 2015. 4. Calculate the amount of owner investments for Company D during year 2015. 5. Calculate the amount of liabilities for Company E on December 31, 2014.





Transcribed Image Text:

Company A Company B Company Company D Company E December 31, 2014 Assets... $55,000 $34,000 $24,000 $60,000 $119,000 Liabilities 24,500 21,500 9,000 40,000 December 31, 2015 Assets... 58,000 40,000 ? 85,000 1 13,000 Liabilities 26,500 29,000 24,000 70,000 During year 2015 Owner investments. 6,000 1,400 9,750 6,500 Net income (loss) . 8,500 8,000 14,000 20,000 Owner cash withdrawals 3,500 2,000 5,875 I1,000



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