Question
the following information is available for three companies: (all 9 steps are required) Company A Company B Company C December 31, 2008 Assets $55,000 $59,000
the following information is available for three companies: (all 9 steps are required)
Company A | Company B | Company C | |
December 31, 2008 | |||
Assets | $55,000 | $59,000 | $76,000 |
Liabilities | $26,000 | $28,000 | $55,000 |
December 31, 2009 | |||
Assets | $58,000 | $60,000 | $74,000 |
Liabilities | $35,000 | ? | $51,000 |
During the year 2009 | |||
Owner Investments | $12,000 | $12,000 | ? |
Net Income/Loss | ? | $22,000 | $12,000 |
Owner Withdraws | $10,000 | $10,000 | $20,000 |
Required: 1. What was the equity balance for Company A at December 31, 2008? 2. What was the equity balance for Company A at December 31, 2009 3. What was the net income/loss for 2009? 4. What was the equity balance for Company B at December 31, 2008? 5. What was the equity balance for Company B at December 31, 2009 6. What were the liabilities at December 31, 2009 for Company B? 7. What was the equity balance for Company C at December 31, 2008? 8. What was the equity balance for Company C at December 31, 2009 9. What were the Owner Investments for Company C for 2009?
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