Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

7 Required for Problem 1-2A Computing ng formation using accounting knowledge LO A1, P1 The towing nationwed below! The long rangements is from fer comes

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
7 Required for Problem 1-2A Computing ng formation using accounting knowledge LO A1, P1 The towing nationwed below! The long rangements is from fer comes 1 IL L. Problem 1-2A Part 1 1. What is the tofauty on Dec.2016 A Equity 1 When on December 31, 2010 Company work Saved Required information 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 Company Company Company Company B C D E December 31, 2018 Assets $43.000 $33.540 $27.520 $76,540 $117. 390 Liabilities 35.260 23.478 14.860 52, 812 2 December 31, 2019 Assets 48.000 34.560 2 Liabilities 87. 360 132, 480 2 23,500 15.758 41.932 During year 2019 104.659 Over investments 6,000 1.400 9.750 ? 6.500 Net incone (lons) 11. 300 2 7,400 14,700 Over enth withdrawals 8. 843 3.500 2.000 5.875 0 11,000 Problem 1-2A Part 1 Required: 10. What is the amount of equity on December 31, 2018 for Company A. Assets S 43.000 Liabilities S 35,260 Equity 7.740 $ 1b. What is the amount of equity on December 10. What is the amount of equity on December 31, 2018 for Company A. Assets + Liabilities $ 35,260 Equity 7.740 $ 43,000 + s 1b. What is the amount of equity on December 31, 2019 for Company A. Statement of Owner's Equity Equity, December 31, 2018 $ Add: Investment by Owner Add: Net income 7,740 6,000 (11,360) 2,380 3,500 5,580 Less: Withdrawals by Owner Equity, December 31, 2019 $ 1. What is the amount of liabilities on December 31, 2019 for Company A. Assets $ 48,000 + Liabilities S 42,420 Equity 5,580 . S Problem 1-2A Part 2 2a. What is the amount of equity on December 31, 2018 for Company B. Assets Liabilities + Equity $ 0 2b. What is the amount of equity on December 31, 2019 for Company B. Assets Liabilities Equity $ 0 2c. What is net income for year 2019 for Company B. Statement of Owner's Equity Equity, December 31, 2018 0 Equity, December 31, 2019 Problem 1-2A Part 3 3. Compute the amount of assets for Company C on December 31, 2019. (Enter Losses amount with a minus sign, required.) December 31, 2018 Assets Liabilities Equity = $ 0 Statement of Owner's Equity Equity, December 31, 2018 0 Equity, December 31, 2019 December 31, 2019 Assets S 0 Liabilities + Equity Required information 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 Company B Company Company D Company E $ 43,000 35,260 $33, 540 23, 478 $27, 520 14, 860 $ 76,540 52, 812 $117, 390 ? December 31, 2018 Assets Liabilities December 31, 2019 Assets Liabilities During year 2019 Ower investments Net income (10ss) Owner cash withdrawals 48,000 ? 34,560 23,500 ? 15,758 87, 360 41, 932 132, 480 104, 659 6,000 11, 360 3,500 1. 400 ? 2,000 9,750 7. 400 5,875 ? 14,700 0 6,500 8,843 11,000 Problem 1-2A Part 1 Derved

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

111919167X, 9781119191674

More Books

Students also viewed these Accounting questions

Question

1. Keep definitions of key vocabulary available as you study.

Answered: 1 week ago