Question
In: Accounting
CompanyV Company W CompanyX Company Y Company Z Dec 31, 2014 Assets 54000 80000 141500 92500...
| CompanyV | Company W | CompanyX | Company Y | Company Z | |
| Dec 31, 2014 | |||||
| Assets | 54000 | 80000 | 141500 | 92500 | 144000 |
| Liabilities | 25000 | 60000 | 68500 | 51500 | ? |
| Owner Equity 2014 | 29000 | 20000 | 73000 | 41000 | ? |
| Dec 31, 2015 | |||||
| Assets | 59,000 | 100,000 | 186500 | ? | 170000 |
| Liabilities | 36000 | 22,000 | 65800 | 42,000 | 42,000 |
| Owner's Equ 2015 | 23000 | 78000 | 120700 | 128000 | |
| During 2015 | |||||
| Owner Investments | 5,000 | 20000 | ? | 48100 | 60000 |
| Net Income (loss) | ? | 40000 | 18500 | 24,000 | 32,000 |
| Owner cash withdrawal | 5,500 | 2,000 | 0 | 20000 | 8,000 |
1. Answer the folloing quesitons about Company V
1. What is the amount of equity on December 31, 2014?
2. What is the amount of equity on December 31, 2015
3. What is the amount of liabilities on December 31, 2015?
2. Answer the following questions about Company W?
1. What is the amount of equity on December 31, 2014?
2. What is the amount of equity on December 31, 2015
3. What is the amount of liabilities on December 31, 2015?
3. Calculate the amount of Owner investments for Company X during 2015.
4. Calculate the amount of assets for Company Y On december 31, 2015.
5. Calculate the amount of liabilities for Company Z on December 31, 2014.
Solutions
Expert Solution
| 1. Information about Company V | |||||
| 1. Amount of Equity on December 31, 2014 | 29,000 | ||||
| 2. Amount of Equity on December 31, 2015 | 23,000 | ||||
| 3. Amount of Liabilities on December 31, 2015 | 36,000 | ||||
| 2. Information about Company W | |||||
| 1. Amount of Equity on December 31, 2014 | 20,000 | ||||
| 2. Amount of Equity on December 31, 2015 | 78,000 | ||||
| 3. Amount of Liabilities on December 31, 2015 | 22,000 | ||||
| 3. | Owners investment for Company X during 2015 | 29,200 | |||
| 4. | Assets on December 31, 2015 for Company Y | 1,35,100 | |||
| 5 | Liabilities on December 31, 2014 for Company Z | 44,000 | |||
Working:
| Company V | Company W | CompanyX | Company Y | Company Z | ||
| Dec 31,2014 | ||||||
| Assets | 54000 | 80000 | 141500 | 92500 | 144000 | |
| Liabilities | 25000 | 60000 | 68500 | 51500 | 100000 | |
| Owner equity 2014 | 29000 | 20000 | 73000 | 41000 | 44000 | |
| Dec.31,2015 | ||||||
| Assets | 59,000 | 1,00,000 | 186500 | 135100 | 170000 | |
| Liabilities | 36000 | 22,000 | 65800 | 42,000 | 42,000 | |
| Owner's Equity 2015 | 23000 | 78000 | 120700 | 93100 | 128000 | |
| During 2015 | ||||||
| Owners' investment | 5,000 | 20000 | 29200 | 48100 | 60000 | |
| Net Income (Loss) | -5,500 | 40000 | 18500 | 24,000 | 32,000 | |
| Owner cash withdrawal | 5,500 | 2,000 | 0 | 20000 | 8,000 | |
| Company V: | ||||||
| Net Income 2015 = Owner equity 2015+Owner cash withdrawal-Owner investment-Owner equity 2014 | ||||||
| = 23,000+5,500-5,000-29,000 = -5,500 | ||||||
| Company X | ||||||
| Owner investment = Owner equity 2015+Owner cash withdrawal - Net income 2015 - Owner equity 2014 | ||||||
| = 120,700+0-18,500 - 73,000 = 29,200 | ||||||
| Company Y | ||||||
| Owner equity 2015 = Owner equity 2014 + Net income 2015 + Owner investment - Owner cash withdrawal | ||||||
| = 41,000+24,000+48,100-20,000 = 93,100 | ||||||
| Assets Dec.31, 2015 = Owner equity 2015 + Loabilities 2015 = 93,100 + 42,000 = 135,100 | ||||||
| Company Z | ||||||
| Owner equity 2014 = Owner equity 2015 - Net income 2015 - Owner investment + Owner cash withdrawal | ||||||
| = 128,000 - 32,000 - 60,000 + 8,000 = 44,000 | ||||||
| Liabilities 2014 = Assets 2014 - Owner equity 2014 = 144,000 - 44,000 = 100,000 | ||||||
ekkarill92 answered 2 years agoRelated Solutions
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◊―――――――――――――――――――――――――――――◊
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305,564
Goodwill
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Intangible assets, net
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Deferred income taxes
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Other long-term assets
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Cash and cash equivalents
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Accounts receivable, net
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Inventories
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536,714
Prepaid expenses and other
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152,242
87,177
Deferred income taxes
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305,564
Goodwill
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123,256
Intangible assets, net
75,686
26,230
Deferred income taxes
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33,570
Other long-term assets
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Inventories
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Prepaid expenses
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13,057
Total current assets
210,912
214,312
Equipment
145,444
134,312
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300,000
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Accounts receivable (net)
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89,090
Inventories
275,250
263,780
Investments
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102,200
Land
141,180
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Accrued expenses payable (operating expenses)
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Dividends payable
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