Comprehensive Accounting Equation
Assuming no additional investments by or distributions to owners, compute the missing amounts for companies X, Y, and Z.
X Y Z
Assets: January 1, 2006 . . . . . . . . . . . . . . . . . $360 $ ? $230
Liabilities: January 1, 2006 . . . . . . . . . . . . . . . 280 460 ?
Owners’ equity: January 1, 2006 . . . . . . . . . ? 620 150
Assets: December 31, 2006 . . . . . . . . . . . . . . 380 ? 310
Liabilities: December 31, 2006 . . . . . . . . . . ? 520 90
Owners’ equity: December 31, 2006 . . . . . . ? 720 ?
Revenues in 2006 . . . . . . . . . . . . . . . . . . . . . 80 ? 400
Expenses in 2006 . . . . . . . . . . . . . . . . . . . . 100 116 ?

My answers are
2006
Revenue 80 ? 400
Assets
January 1, 2006 360 ? 230
December 31, 2006 380 1,260 310
820 940

Expenses 100 116 ?
Liabilities
January 1, 2006 280 460
December 31, 2006 520 540 90
800 1,116
Equity
Owners Equity December 31, 2006 20 720 ?

Am I on the right track?

Company X

Jan Assets = Jan Liabilities + Jan Equity
360 = 280 + ?
Therefore, Owners’ equity: January 1, 2006 = 360-280 = 80


Owners’ equity: December 31, 2006 = Jan 1 OE + Revenue – Expenses = 80 + 80 – 100 = 60


Liabilities: December 31, 2006 = Assets Dec – OE Dec = 380 – 60 = 320


What do you think the answers are from Company Y and Z?