#167 The following information is available for three companies

The following information is available for three companies - Physics

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Free Chegg Question

The following information is available for three companies:

	Company A	Company B	Company C
December 31, 2008
Assets	$55,000	$59,000	$76,000
Liabilities	$26,000	$28,000	$55,000
December 31, 2009
Assets	$58,000	$60,000	$74,000
Liabilities	$35,000	?	$51,000
During the year 2009
Owner Investments	$12,000	$12,000	?
Net Income/Loss	?	$22,000	$12,000
Owner Withdraws	$10,000	$10,000	$20,000

Required:
1. What was the equity balance for Company A at December 31, 2008?
2. What was the equity balance for Company A at December 31, 2009
3. What was the net income/loss for 2009?
4. What was the equity balance for Company B at December 31, 2008?
5. What was the equity balance for Company B at December 31, 2009
6. What were the liabilities at December 31, 2009 for Company B?
7. What was the equity balance for Company C at December 31, 2008?
8. What was the equity balance for Company C at December 31, 2009
9. What were the Owner Investments for Company C for 2009?
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Free Chegg Answer

Answer of Part 1:
Equity Balance = Assets – Liabilities
Equity Balance = $55,000 - $26,000
Equity Balance = $29,000
Answer of Part 2:
Equity Balance = Assets – Liabilities
Equity Balance = $58,000 - $35,000
Equity Balance = $23,000
Answer of Part 3:
Net Income/Loss = Ending Equity – Beginning Equity + Owners Withdrawals – Owners Investments
Net Income/Loss = $23,000 - $29,000 + $10,000- $12,000
Net Loss = -$8,000
Answer of Part 4:
Equity Balance = Assets – Liabilities
Equity Balance = $59,000 - $28,000
Equity Balance = $31,000
Answer of Part 5:
Net Income/Loss = Ending Equity – Beginning Equity + Owners Withdrawals – Owners Investments
$22,000 = Ending Equity - $31,000 + $10,000 - $12,000
Ending Equity = $22,000 + $31,000 - $10,000 + $12,000
Ending Equity = $55,000
Equity Balance for Company B at December 31, 2009 is $55,000