SET C PROBLEM 1-1C The following financial statement information is from five separate proprietorships: Company Company Company Company Company A B C D E December 31, 2006: Assets $66,000 $28,500 $89,000 $70,000 ? Liabilities 32,000 22,500 40,000 35,000 $20,000 December 31, 2007: Assets ? 30,000 91,000 66,000 60,000 Liabilities 28,000 23,000 ? 41,000 15,000 During year 2007: Owner investments 2,000 3,000 - 0 - 3,000 5,000 Net income (loss) 15,000 ? (7,000) ? 20,000 Owner withdrawals 8,000 5,500 3,000 2,000 10,000 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 assets on December 31, 2007? 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 (loss) for year 2007? 3. Calculate the amount of liabilities for Company C on December 31, 2007. 4. Calculate the amount of income (loss) for Company D during year 2007. 5. Calculate the amount of assets for Company E on December 31, 2006