The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly the Balance Sheet equation: Company A Company B December 31, 2016: Assets 90,000 105,000 Liabilities 38,000 45,000 December 31,2017 Assets Liabilities 96,000 82,000 ? 55,000 During 2017: Owner Investments - 10,000 19,000 Profit (loss) (16,000) ? Owner withdrawals Required: What was the Liabilities on December 31, 2017 for Company A? 5,000 6,000 A. $96,000 OB. $107,000 C. $11,000 D 621.000
The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly the Balance Sheet equation: Company A Company B December 31, 2016: Assets 90,000 105,000 Liabilities 38,000 45,000 December 31,2017 Assets Liabilities 96,000 82,000 ? 55,000 During 2017: Owner Investments - 10,000 19,000 Profit (loss) (16,000) ? Owner withdrawals Required: What was the Liabilities on December 31, 2017 for Company A? 5,000 6,000 A. $96,000 OB. $107,000 C. $11,000 D 621.000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 92PSA: A Preparation of Ratios Refer to the financial statements for Burch Industries in Problem 12-89A and...
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