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 Liabilities December 31,2017 Assets Liabilities During 2017: 90,000 38,000 96,000 ? 105,000 45,000 82,000 55,000 Owner Investments 10,000 Profit (loss) (16,000) Owner withdrawals 5,000 6,000 Required: What was the Liabilities on December 31, 2017 for Company A? 19,000 ?
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 Liabilities December 31,2017 Assets Liabilities During 2017: 90,000 38,000 96,000 ? 105,000 45,000 82,000 55,000 Owner Investments 10,000 Profit (loss) (16,000) Owner withdrawals 5,000 6,000 Required: What was the Liabilities on December 31, 2017 for Company A? 19,000 ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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
Liabilities
December 31,2017
D
Assets
Liabilities
During 2017:
ⒸA. $96,000
OB. $107,000
ⒸC. $11,000
$31.000
90,000
38,000
96,000
?
105,000
45,000
82,000
Owner Investments
10,000
Profit (loss)
(16,000)
Owner withdrawals
5,000
Required: What was the Liabilities on December 31, 2017 for Company A?
55,000
19,000
?
6,000
Time
Not
Mark
0.50
TFI
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