The following financial statement information is from five separate companies: A Company B Company C Company D Company E Company December 31,...
Q:
The following financial statement information is from five separate companies:
A Company
B Company
C Company
D Company
E Company
December 31, 2006
Assets $55,000 $34,000 $24,000 $60,000 $119,000
Liabilities 24,500 21,500 9,000 40,000 ?
December 31, 2007
Assets 58,000 40,000 ? 85,000 113,000
Liabilities ? 26,500 29,000 24,000 70,000
During year 2007
Owner investments 6,000 1,400 9,750 ? 6,500
Net income 8,500 ? 8,000 14,000 20,000
Owner cash withdrawals 3,500 2,000 5,875 0 11,000
Requirement 1:
Answer the following questions about Company A
a. What is the amount of equity on December 31, 2006?
b. What is the amount of equity on December 31, 2007?
c. What is the amount of liabilities on December 31, 2007?
Requirement 2:
Answer the following questions about Company B
a. What is the amount of equity on December 31, 2006?
b. What is the amount of equity on December 31, 2007?
c. What is net income for year 2007?
Requirement 3:
Calculate the amount of assets for Company C on December 31, 2007.
Requirement 4:
Calculate the amount of owner investments for Company D during year 2007.
Requirement 5:
Calculate the amount of liabilities for Company E on December 31, 2006.
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