The following financial statement information is known about five unrelated companies Company A Company B Company C
Question:
The following financial statement information is known about five unrelated companies
Company A | Company B | Company C | Company D | Company E | |
Sh | Sh | Sh | Sh | Sh | |
| December 31, 2017 Assets Liabilities | 7,300,000 5,700,000 | 6,900,000 5,200,000 | 3,000,000 2,500,000 | 6,700,000 4,900,000 | 8,300,000 ? |
| December 31, 2018 Assets Liabilities | 8,000,000 ? | 9,700,000 6,000,000 | ? 2,900,000 | 8,300,000 4,300,000 | 9,600,000 5,000,000 |
| During 2018 Owner Investment Net income Owner Withdrawals | 800,000 2,400,000 300,000 | 1,900,000 ? 500,000 | 2,100,000 860,000 360,000 | ? 1,750,000 0 | 1,000,000 1,700,000 600,000 |
Required
- Answer the following questions about Company A
What was the owner’s equity on December 31, 2017? (3 marks)
What was the owner’s equity on December 31, 2018? (5 marks)
What was the amount of liabilities owed on December 31, 2018? (3 marks|)
- Answer the following questions about Company B
What was the owner’s equity on December 31, 2017? (3 marks)
What was the owner’s equity on December 31, 2018? (3 marks)
What was the net income for 2018? (6 marks)
- For Company C, calculate the amount of assets on December 31, 2018
(11 marks)
- For Company D, calculate the amount of owner investments during 2018
(5 marks)
- For Company E, calculate the amount of liabilities owed on December 31, 2017
Expert Answer:
The detailed answer for the above question is provided below 1a Owners equity on December 31 2017 Equity Assets Liabilities Equity 7300000 5700000 Equ... View the full answer
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
