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 ago
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