The following financial statement information is known about five unrelated companies:

Required
1. Answer the following questions about Company A:
a. What was the equity on December 31, 2013?
b. What was the equity on December 31, 2014?
c. What was the amount of liabilities owed on December 31, 2014?
2. Answer the following questions about Company B:
a. What was the equity on December 31, 2013?
b. What was the equity on December 31, 2014?
c. What was the net income (loss) for 2014?
3. Calculate the amount of assets owned by Company C on December 31, 2014.
4. Calculate the amount of owner investments in Company D made during 2014.
5. Calculate the amount of liabilities owed by Company I. on December 31, 2013.

Transcribed Image Text:

Company Company Company Company Company December 31, 2013: 90,000 $105,000 58,000 160,000 $246,000 38,000 Assets... Liabilities . 45,000 28,000 76,000 December 31, 2014 96,000 82,000 Assets.... Liabilities ?250,000 225,000 38,000128,000 150,000 55,000 19,000 6,000 During 2014: Owner investments... Net income (loss)....(16,000) Owner withdrawals.. 15,500 18,000 7,750 10,000 9,000 36,000 18,000 24,000 5,000