The following financial statement information is from five separate companies.
Company V
Company W
Company X
Company Y
Company Z
December 31, 2010
31-Dec-11
$45,000
$70,000
$121,500
$82,500
$124,000
Assets
30,000
50,000
58,500
61,500
?
Liabilities
During year 2011
49,000
90,000
136,500
?
160,000
Owner investments
26,000
?
55,500
72,000
52,000
Net income or (loss)
Owner cash withdrawals
6,000
10,000
?
38,100
40,000
31-Dec-11
?
30,000
16,500
24,000
32,000
Assets
4,500
2,000
0
18,000
6,000
Required
1. Answer the following questions about Company V:
a. What is the amount of equity on December 31, 2010?
b. What is the amount of equity on December 31, 2011?
c. What is the net income or loss for the year 2011?
2. Answer the following questions about Company W:
a. What is the amount of equity on December 31, 2010?
b. What is the amount of equity on December 31, 2011?
c. What is the amount of liabilities on December 31, 2011?
3. Calculate the amount of owner investments for Company X during 2011.
4. Calculate the amount of assets for Company Y on December 31, 2011.
5. Calculate the amount of liabilities for Company Z on December 31, 2
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