The following financial statement information is from five separate companies.

Required

1. Answer the following questions about Company V.

a. What is the amount of equity on December 31, 2018?

b. What is the amount of equity on December 31, 2019?

c. What is the net income or loss for the year 2019?

2. Answer the following questions about Company W.

a. What is the amount of equity on December 31, 2018?

b. What is the amount of equity on December 31, 2019?

c. What is the amount of liabilities on December 31, 2019?

3. Compute the amount of owner investments for Company X during 2019.

4. Compute the amount of assets for Company Y on December 31, 2019.

5. Compute the amount of liabilities for Company Z on December 31, 2018.

Transcribed Image Text:

Company Company Company Company Company х December 31, 2018 Assets.. Liabilities... December 31, 2019 Assets... Liabilities.. During year 2019 Owner investments Net income (or loss).. Owner cash withdrawals . $92,500 51,500 $ 80,000 60,000 $54,000 25,000 $141,500 68,500 $144,000 59,000 186,500 100,000 170,000 42,000 42,000 36,000 65,800 5,000 20,000 40,000 2,000 48,100 24,000 20,000 60,000 32,000 8,000 18,500 5,500