Please explain how you fill in the ? Marks and solved the questions. Compa

    0

    Please explain how you fill in the ? Marks and solved the questions.

    Company A Company B Company C Company D Company E

    A B C D E

    December 31 2010
    Assets . . . . . . . . . . . . . . . . . . . . . . . . . $45000 $35000 $29000 $80000 $123000
    Liabilities . . . . . . . . . . . . . . . . . . . . . . 23500 22500 14000 38000 ?
    December 31 2011
    Assets . . . . . . . . . . . . . . . . . . . . . . . . . 48000 41000 ? 125000 112500
    Liabilities . . . . . . . . . . . . . . . . . . . . . . ? 27500 19000 64000 75000
    During year 2011
    Owner investments . . . . . . . . . . . . . . 5000 1500 7750 ? 4500
    Net income (loss) . . . . . . . . . . . . . . . 7500 ? 9000 12000 18000
    Owner cash withdrawals . . . . . . . . . 2500 3000 3875 0 9000

    1. Answer the following questions about Company A:
    a. What is the amount of equity on December 31 2010?
    b. What is the amount of equity on December 31 2011?
    c. What is the amount of liabilities on December 31 2011?
    2. Answer the following questions about Company B:
    a. What is the amount of equity on December 31 2010?
    b. What is the amount of equity on December 31 2011?
    c. What is net income for year 2011?
    3. Calculate the amount of assets for Company C on December 31 2011.
    4. Calculate the amount of owner investments for Company D during year 2011.
    5. Calculate the amount of liabilities for Company E on December 31 2010.

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