Problem 1-2A Computing missing information using accounting knowledge LO A1, P1

[The following information applies to the questions displayed below.]

The following financial statement information is from five separate companies:

	Company A			Company B			Company C			Company D			Company E
December 31, 2014
Assets	$	47,000		$	36,660		$	30,080		$	83,660		$	128,310
Liabilities		38,540			25,662			16,243			57,725			?
December 31, 2015
Assets		50,000			36,000			?			91,000			138,000
Liabilities		?			24,480			16,415			43,680			109,020
During year 2015
Owner investments		6,000			1,400			9,750			?			6,500
Net income (loss)		11,540			?			(627)			14,385			7,818
Owner cash withdrawals		3,500			2,000			5,875			0			11,000

rev: 09_02_2015_QC_CS-23313

References

Section BreakProblem 1-2A Computing missing information using accounting knowledge LO A1, P1

1.

value: 11.11 points

Required information

Problem 1-2A Part 1

Required:

1a.	What is the amount of equity on December 31, 2014 for Company A.

1b.	What is the amount of equity on December 31, 2015 for Company A.

1c.	What is the amount of liabilities on December 31, 2015 for Company A.

References

WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.

Problem 1-2A Part 1Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.

2.

value: 11.11 points

Required information

Problem 1-2A Part 2

2a.	What is the amount of equity on December 31, 2014 for Company B.

2b.	What is the amount of equity on December 31, 2015 for Company B.

2c.	What is net income for year 2015 for Company B.

rev: 06_05_2015_QC_CS-17138

References

WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.

Problem 1-2A Part 2Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.

3.

value: 11.11 points

Required information

Problem 1-2A Part 3

3.	Calculate the amount of assets for Company C on December 31, 2015.

rev: 09_02_2015_QC_CS-23313

References

WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.

Problem 1-2A Part 3Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.

4.

value: 11.11 points

Required information

Problem 1-2A Part 4

4.	Calculate the amount of owner investments for Company D during year 2015.

References

WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.

Problem 1-2A Part 4Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.

5.

value: 11.11 points

Required information

Problem 1-2A Part 5

5.	Calculate the amount of liabilities for Company E on December 31, 2014.

References

WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.

Problem 1-2A Part 5Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.