Required information The following information applies to th

Required information The following information applies to the questions displayed below.] The following financial statement information is from five separate companies Part 5 of S Company-Company 0.2 points $55,000 $34,000 $24,000 $60,000 $119,000 tiabilities December 31, 2017 24,500 21 ,500 9,000 40,000 785,000 113,000 ?26,500 29,000 24,000 70,000 58,000 40,000 During year 2017 Owner investments Net income (loss) Owner cash withdravals 6,000 1,400 9,750 8,500 6,500 28,000 14,000 20,000 0 11,000 3,500 2,000 5,875 5. Compute the amount of liabilities for Company E on December 31, 2016. r 31 2017 ets Statement of Owner\'s Equity Equity. December 31. 2016

Solution

Answer =1 December 31, 2017 For company E Assets = Liabilities + Equity $                               1,13,000 = $                    70,000 + $                                   43,000 ($113,000 - $ 70,000) STATEMENT OF OWNER\'S EQUITY FOR COMPANY E Equity , December 31,2017 = $                    43,000 Less: owner\'s Investment = $                      6,500 Less: Net Income = $                    20,000 Add: Owner Cash Withdrawals = $                    11,000 Equity, December 31, 2016 $                    27,500 December 31, 2016 For company E Assets = Liabilities + Equity $                               1,19,000 = $                    91,500 + $                                   27,500 ($ 119,000 - $ 27,500)