Problem 1-1A Computing missing information using accounting knowledge LO A1, P1
[The following information applies to the questions displayed below.]
| The following financial statement information is from five separate companies: |
| Company A |
Company B |
Company C |
Company D |
Company E |
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| December 31, 2012 | |||||||||||||||
| Assets | $ | 55,000 | $ | 34,000 | $ | 24,000 | $ | 60,000 | $ | 119,000 | |||||
| Liabilities | 24,500 | 21,500 | 9,000 | 40,000 | ? | ||||||||||
| December 31, 2013 | |||||||||||||||
| Assets | 58,000 | 40,000 | ? | 85,000 | 113,000 | ||||||||||
| Liabilities | ? | 26,500 | 29,000 | 24,000 | 70,000 | ||||||||||
| During year 2013 | |||||||||||||||
| Stock issuances | 6,000 | 1,400 | 9,750 | ? | 6,500 | ||||||||||
| Net income (loss) | 8,500 | ? | 8,000 | 14,000 | 20,000 | ||||||||||
| Cash dividends | 3,500 | 2,000 | 5,875 | 0 | 11,000 |
Problem 1-1A Part 1
| Required: | |
| 1a. | What is the amount of equity on December 31, 2012, for Company A? |
| 1b. | What is the amount of equity on December 31, 2013, for Company A? |
| 1c. | What is the amount of liabilities on December 31, 2013, for Company A? |
Problem 1-1A Part 2
| 2a. | What is the amount of equity on December 31, 2012 Company B? |
| 2b. | What is the amount of equity on December 31, 2013 Company B? |
| 2c. | What is net income for year 2013 Company B? |
Problem 1-1A Part 3
| 3. | Calculate the amount of assets for Company C on December 31, 2013. |
Problem 1-1A Part 4
| 4. | Calculate the amount of owner investments for Company D during year 2013. |
Problem 1-1A Part 5
| 5. | Calculate the amount of liabilities for Company E on December 31, 2013. |
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Chapter 01 Saddleback College Homework was first posted on July 14, 2019 at 8:43 am.
