The following financial statement information is from five separate companies.

Required
1. Answer the following questions about Company V:
a. What is the amount of equity on December 31, 2012?
b. What is the amount of equity on December 31, 2013?
c. What is the net income or loss for the year 2013?
2. Answer the following questions about Company W:
a. What is the amount of equity on December 31, 2012?
b. What is the amount of equity on December 31, 2013?
c. What is the amount of liabilities on December 31, 2013?
3. Calculate the amount of owner investments for Company X during 2013.
4. Calculate the amount of assets for Company Y on December 31, 2013.
5. Calculate the amount of liabilities for Company Z on December 31,2012.

Transcribed Image Text:

Company Company Company Company Company December 31,2012 $141500 68,500 $144,000 Assets. . .- Liabilities... . $54,000 25,000 $80,000 60,000 $92,500 51,500 December 31,2013 59,000 36,000 186,500 65,800 Assets 100,000 170,000 42,000 Liabilities 42,000 During year 2013 Owner investments Net income or (loss). Owner cash withdrawals 20,000 40,000 2,000 5,000 48,100 24,000 20,000 60,000 32,000 8,000 18,500 5,500 0