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statement 7 8 Buys equipment for $300 cash Pays $200 on accounts payable Provides $400 services on credit Owner withdraws $50 cash Collects $400 cash on accounts receivable 10 8.413 The following financial statement information is from five separate companies. Company Company B Company C Company D Company E Problem 1-2A Computing missing information using accounting knowledge A1 P1 $24,000 $119.000 $55,000 24,500 $34,000 21,500 $60,000 40,000 9,000 2 December 31, 2018 Assets Liabilities December 31, 2019 Assets Liabilities During year 2019 Owner investments Net Income (loss) ........ Owner cash withdrawals 58,000 ? 40,000 26,500 85.000 24,000 113,000 70,000 29,000 6,500 6,000 8,500 3,500 1,400 2 9.750 8,000 5,875 2 14,000 20,000 11,000 2,000 0 Check (16) $41,500 Required 1. Answer the following questions about Company A. 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? 2. Answer the following questions about Company B. 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 net income for year 2019? [continued on next page] (20) $1,600 Chapter 1 Accounting in Business 3. Compute the amount of assets for Company C on December 31, 2019. 4. Compute the amount of owner investments for Company D during year 2019. 5. Compute the amount of liabilities for Company E on December 31, 2018. As of December 31, 2019, Armani Company's financial records show the following items and amo e Cash $10,000 9,000 A. Armani, Withdrawals Consulting revenue Rental revenile $13, 33. Accounts receivable. Gie 6.000 22