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New Member
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Sep 12, 2016, 06:20 PM
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Computing missing information using accounting knowledge
| The following financial statement information is from five separate companies: |
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Company
A |
Company
B |
Company
C |
Company
D |
Company
E |
| December 31, 2014 |
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| Assets |
$ |
55,000 |
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$ |
34,000 |
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$ |
24,000 |
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$ |
60,000 |
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$ |
119,000 |
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| Liabilities |
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24,500 |
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21,500 |
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9,000 |
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40,000 |
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? |
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| December 31, 2015 |
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| Assets |
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58,000 |
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40,000 |
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? |
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85,000 |
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113,000 |
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| Liabilities |
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? |
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26,500 |
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29,000 |
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24,000 |
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70,000 |
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| During year 2015 |
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| Stock issuances |
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6,000 |
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1,400 |
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9,750 |
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? |
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6,500 |
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| Net income (loss) |
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8,500 |
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? |
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8,000 |
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14,000 |
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20,000 |
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| Cash dividends |
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3,500 |
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2,000 |
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5,875 |
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0 |
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11,000 |
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| 1a. |
What is the amount of equity on December 31, 2014 for Company A? |
| 1b. |
What is the amount of equity on December 31, 2015 for Company A? |
| 1-c. |
What is the amount of liabilities on December 31, 2015 for Company A? |
I don't know how to do this. How am I supposed to know the equity without assets and liabilities together?
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Ultra Member
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Sep 18, 2016, 01:40 PM
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Assets = Liability + Owner's Funding/Stock Investors
(Last Year's Equity + Stock Investment + Net Income) - Owner Draws/Dividends = This Year's Equity
Should be able to calculate any of the missing information on the chart.
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