Company Company Company Company Company A B D E December 31, 2018 Assets ... $55,000 $34,000 $24,000 $60,000 $119,000 Liabilities... 24,500 21,500 9,000 40,000 ? December 31, 2019 Assets . 58,000 40,000 ? 85,000 113,000 Liabilities... 26,500 29,000 24,000 70,000 During year 2019 Owner investments 6,000 1,400 9,750 ? 6,500 Net income (loss) ... 8,500 8,000 14,000 20,000 Owner cash withdrawals 3,500 2,000 5,875 11,000
Company Company Company Company Company A B D E December 31, 2018 Assets ... $55,000 $34,000 $24,000 $60,000 $119,000 Liabilities... 24,500 21,500 9,000 40,000 ? December 31, 2019 Assets . 58,000 40,000 ? 85,000 113,000 Liabilities... 26,500 29,000 24,000 70,000 During year 2019 Owner investments 6,000 1,400 9,750 ? 6,500 Net income (loss) ... 8,500 8,000 14,000 20,000 Owner cash withdrawals 3,500 2,000 5,875 11,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following financial statement information is from five separate companies.Answer the following questions about Company A. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the amount of liabilities on December 31, 2019? Answer the following questions about Company B. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is net income for year 2019?
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