Homework Sourse1 Answer the folloing quesitons about Company V 1 What is th
1. Answer the folloing quesitons about Company V
1. What is the amount of equity on December 31, 2014?
2. What is the amount of equity on December 31, 2015
3. What is the amount of liabilities on December 31, 2015?
2. Answer the following questions about Company W?
1. What is the amount of equity on December 31, 2014?
2. What is the amount of equity on December 31, 2015
3. What is the amount of liabilities on December 31, 2015?
3. Calculate the amount of Owner investments for Company X during 2015.
4. Calculate the amount of assets for Company Y On december 31, 2015.
5. Calculate the amount of liabilities for Company Z on December 31, 2014.
| CompanyV | Company W | CompanyX | Company Y | Company Z | |
| Dec 31, 2014 | |||||
| Assets | 54000 | 80000 | 141500 | 92500 | 144000 |
| Liabilities | 25000 | 60000 | 68500 | 51500 | ? |
| Owner Equity 2014 | 29000 | 20000 | 73000 | 41000 | ? |
| Dec 31, 2015 | |||||
| Assets | 59,000 | 100,000 | 186500 | ? | 170000 |
| Liabilities | 36000 | 22,000 | 65800 | 42,000 | 42,000 |
| Owner\'s Equ 2015 | 23000 | 78000 | 120700 | 128000 | |
| During 2015 | |||||
| Owner Investments | 5,000 | 20000 | ? | 48100 | 60000 |
| Net Income (loss) | ? | 40000 | 18500 | 24,000 | 32,000 |
| Owner cash withdrawal | 5,500 | 2,000 | 0 | 20000 | 8,000 |
Solution
Working:
| 1. Information about Company V | |||||
| 1. Amount of Equity on December 31, 2014 | 29,000 | ||||
| 2. Amount of Equity on December 31, 2015 | 23,000 | ||||
| 3. Amount of Liabilities on December 31, 2015 | 36,000 | ||||
| 2. Information about Company W | |||||
| 1. Amount of Equity on December 31, 2014 | 20,000 | ||||
| 2. Amount of Equity on December 31, 2015 | 78,000 | ||||
| 3. Amount of Liabilities on December 31, 2015 | 22,000 | ||||
| 3. | Owners investment for Company X during 2015 | 29,200 | |||
| 4. | Assets on December 31, 2015 for Company Y | 1,35,100 | |||
| 5 | Liabilities on December 31, 2014 for Company Z | 44,000 |
