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Calculating equity. What did I do wrong? What steps should I take to answer this correctly? Required information [The following information applies to the questions
Calculating equity. What did I do wrong? What steps should I take to answer this correctly?
Required information [The following information applies to the questions displayed below.] The following financial statement information is from five separate companies. Company Company Company Company Company A B December 31, 2018 $55,000 $34,000 $24,000 $60,000 24,500 $119,000 Assets Liabilities ? 21,500 9,000 40,000 December 31, 2019 Assets 58,000 40,000 85,000 24,000 113,000 Liabilities ? 26,500 70,000 29,000 During year 2019 Stock issuances Net income (loss) 9,750 8,000 5,875 6,500 20,000 11,000 6,000 8,500 1,400 14,000 Cash dividends 3,500 2,000 5. Compute the amount of liabilities for Company E on December 31, 2018. Answer is complete and correct. December 31, 2019 Assets Liabilities Equity + $ 113,000 70,000 43,000 Answer is complete but not entirely correct. Statement of Shareholder's Equity Equity, December 31, 2018 |Add: Stock issuances $ 23,000 20,000 Add: Net income 11,000 54,000 Less: Cash dividends 11,000 Equity, December 31, 2019 $ 43,000 Answer is complete but not entirely correct. December 31, 2018 Equity Assets Liabilities $119,000 96,000 23,000 +Step by Step Solution
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