The following financial statement information is from five separate companies.
|
Company V |
Company W |
Company X |
Company Y |
Company Z |
|
|
December 31, 2010 |
|||||
|
31 Dec 11 |
$45,000 |
$70,000 |
$121,500 |
$82,500 |
$124,000 |
|
Assets |
30,000 |
50,000 |
58,500 |
61,500 |
? |
|
Liabilities |
|||||
|
During year 2011 |
49,000 |
90,000 |
136,500 |
? |
160,000 |
|
Owner investments |
26,000 |
? |
55,500 |
72,000 |
52,000 |
|
Net income or (loss) |
|||||
|
Owner cash withdrawals |
6,000 |
10,000 |
? |
38,100 |
40,000 |
|
31 Dec 11 |
? |
30,000 |
16,500 |
24,000 |
32,000 |
|
Assets |
4,500 |
2,000 |
0 |
18,000 |
6,000 |
Required
1. Answer the following questions about Company V:
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 net income or loss for the year 2011?
2. Answer the following questions about Company W:
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?
3. Calculate the amount of owner investments for Company X during 2011.
4. Calculate the amount of assets for Company Y on December 31, 2011.
5. Calculate the amount of liabilities for Company Z on December 31, 2010.