Question

The following financial statement information is from five separate companies:

December 31, 2016 Company A Company B Company C Company D Company E

Assets 35,000 27,300 22,400 62,300 95,550

Liabilities 28,700 19,110 12,096 42,987 ?

December 21, 2017

Assets 40,000 28,800 ? 72,800 110,400

Liabilities ? 19,584 13,132 34,944 87,216

During year 2017

Owner investments 6,000 1,400 9,750 ? 6,500

Net income (loss) 9,200 ? 6,200 11,543 8,574

Owner cash withdrawals 3,500 2,000 5,875 0 11,000

1a. what is the amount of equity on December 31, 2016 for Company A.

Assets = Liabilities + Equity

1b. What is the amount of equity on December 31, 2017 for Company A.

Statement of Owner's Equity

Equity, December 31, 2015 ____

___ ___

____ ___

____ ___
____ ___

Equity, December 31, 2017 ____

1c. What is the amount of liabilities on December 31, 2017 for Company A.

Assets = Liabilities + Equity

Answer 1

Q1-a:
Amount of Equity on Dec31 2016
Total assets			35000
Less: Total liabilities			28700
Equity as on Dec31 2016			6300
Q1-b:
Statement of owner's equity:
Beginning Equity			6300
Add: Income			9200
Add: Additional amount contribution			6000
Less: Withdrawals			-3500
Equity on Dec31 2017			18000
Q1-c:
Liabilities on Dec31 2017
Total assets			4000
Less: Total equity			18000
Total liabilities			22000