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ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS OF CALCULATION. The following financial statement information is known about five unrelated companies: Company Company Company
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS OF CALCULATION.
The following financial statement information is known about five unrelated companies: Company Company Company Company Company A B C D E December 31, 2018: Assets... 90,000 70,000 58,000 160,000 246,000 Liabilities ... 47,000 45,000 28,000 76,000 December 31, 2019: Assets 96,000 82,000 ? 250,000 225,000 Liabilities ................ ? 55,000 38,000 128,000 150,000 During 2019: Owner investments............. 10,000 3,000 15,500 9,000 Net income............ 15,000 18,000 24,000 36,000 Owner withdrawals ...... 5,000 6,000 7,750 18,000 2 -0- Required 1. Answer the following questions about Company A: a) What was the owner's equity on December 31, 2018? b) What was the owner's equity on December 31, 2019? c) What was the amount of liabilities owed on December 31, 2019? 2. Answer the following questions about Company B: a) What was the owner's equity on December 31, 2018? b) What was the owner's equity on December 31, 2019? c) What was the net income for 2019? 3. Calculate the amount of assets owned by Company Con December 31, 2019. 4. Calculate the amount of owner investments in Company D made during 2019. 5. Calculate the amount of liabilities owed by Company E on December 31, 2018Step by Step Solution
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