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The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly
The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly the Balance Sheet equation: Time Market P Flag Company A Company B December 31, 2016: Assets Liabilities December 31,2017 Assets Liabilities During 2017: Owner Investments Profit (loss) Owner withdrawals 90,000 38.000 96,000 ? 10,000 (16,000) 5,000 Required: What was the Liabilities on December 31, 2017 for Company A? 105,000 45,000 82,000 55,000 19,000 ? 6,000 Required- What was the liabilities on December 31,2017 for Company A ? A)96000 B) 107,000 C)11,000 D)21,000
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