Reference no: EM131618526
I - Required information - The following financial statement information is from five separate companies:
|
Company
A
|
Company
B
|
Company
C
|
Company
D
|
Company
E
|
|
December 31, 2016
|
|
|
|
|
|
|
Assets
|
$45,000
|
$35,100
|
$28,800
|
$80,100
|
$122,850
|
|
Liabilities
|
36,900
|
24,570
|
15,552
|
55,268
|
?
|
|
December 31, 2017
|
|
|
|
|
|
|
Assets
|
50,000
|
36,000
|
?
|
91,000
|
138,000
|
|
Liabilities
|
?
|
24,480
|
16,415
|
43,680
|
109,020
|
|
During year 2017
|
|
|
|
|
|
|
Owner investments
|
6,000
|
1,400
|
9,750
|
?
|
6,500
|
|
Net income (loss)
|
11,900
|
?
|
5,000
|
15,488
|
8,910
|
|
Owner cash withdrawals
|
3,500
|
2,000
|
5,875
|
0
|
11,000
|
Required:
1a. What is the amount of equity on December 31, 2016 for Company A.
1b. What is the amount of equity on December 31, 2017 for Company A.
1c. What is the amount of liabilities on December 31, 2017 for Company A.
II - Required information - The following financial statement information is from five separate companies:
|
Company
A
|
Company
B
|
Company
C
|
Company
D
|
Company
E
|
|
December 31, 2016
|
|
|
|
|
|
|
Assets
|
$45,000
|
$35,100
|
$28,800
|
$80,100
|
$122,850
|
|
Liabilities
|
36,900
|
24,570
|
15,552
|
55,268
|
?
|
|
December 31, 2017
|
|
|
|
|
|
|
Assets
|
50,000
|
36,000
|
?
|
91,000
|
138,000
|
|
Liabilities
|
?
|
24,480
|
16,415
|
43,680
|
109,020
|
|
During year 2017
|
|
|
|
|
|
|
Owner investments
|
6,000
|
1,400
|
9,750
|
?
|
6,500
|
|
Net income (loss)
|
11,900
|
?
|
5,000
|
15,488
|
8,910
|
|
Owner cash withdrawals
|
3,500
|
2,000
|
5,875
|
0
|
11,000
|
2a. What is the amount of equity on December 31, 2016 for Company B.
2b. What is the amount of equity on December 31, 2017 for Company B.
2c. What is net income for year 2017 for Company B.
3(a) Compute the amount of owner investments for Company D during year 2017.
4. Compute the amount of liabilities for Company E on December 31, 2016.
III - Required information - Gabi Gram started The Gram Co.. a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.
May 1 - G. Gram invested $64,000 cash in the company.
May 1 - The Company tented a furnished office and paid $2,300 cash for say's rent.
May 3 - The Company purchased $1,560 of office equipment on credit.
May 5 - The Company paid $760 cash for this month's cleaning services.
May 8 - The Company provided consulting services for a client and immediately collected 13,500 cash.
May 12 - The Company provided 52,900 of consulting services for a client on credit.
May 15 - The Company paid $720 cash for an assistant's salary for the first half of this month.
May 20 - The Company received 52,900 Cash payment for the services provided on May 12.
May 22 - The Company provided 53,900 of consulting services on credit.
May 25 - The Company received $3,900 cash payment for the services provided on May 22.
May 26 - The Company paid $1,860 cash for the office equipment purchased on may 3.
May 27 - The Company purchased $65 of advertising in this month's (may) local paper on credit; cash payment is due June 1.
May 28 - The Company paid $720 cash for an assistant's salary for the second half of this month.
May 30 - The Company paid 1320 cash for this month's telephone bill.
May 30 - The Company paid $260 cash for this month's utilities.
May 31 - G. Gram withdrew $1,600 cash from the company for personal use.
Required: Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction.