Problem 1-2A Computing missing information using accounting knowledge
Problem 1-2A Computing missing information using accounting knowledge LO A1, P1
[The following information applies to the questions displayed below.]
| The following financial statement information is from five separate companies: |
| Company A | Company B | Company C | Company D | Company E | |||||||||||
| December 31, 2014 | |||||||||||||||
| Assets | $ | 55,000 | $ | 34,000 | $ | 24,000 | $ | 60,000 | $ | 119,000 | |||||
| Liabilities | 24,500 | 21,500 | 9,000 | 40,000 | ? | ||||||||||
| December 31, 2015 | |||||||||||||||
| Assets | 58,000 | 40,000 | ? | 85,000 | 113,000 | ||||||||||
| Liabilities | ? | 26,500 | 29,000 | 24,000 | 70,000 | ||||||||||
| During year 2015 | |||||||||||||||
| Stock issuances | 6,000 | 1,400 | 9,750 | ? | 6,500 | ||||||||||
| Net income (loss) | 8,500 | ? | 8,000 | 14,000 | 20,000 | ||||||||||
| Cash dividends | 3,500 | 2,000 | 5,875 | 0 | 11,000 | ||||||||||
References Section BreakProblem 1-2A Computing missing information using accounting knowledge LO A1, P1
15. value:
1.00 points Required information
Problem 1-2A Part 1
| Required: |
| 1-a. | What is the amount of equity on December 31, 2014 for Company A? |
| 1-b. | What is the amount of equity on December 31, 2015 for Company A? |
| 1-c. | What is the amount of liabilities on December 31, 2015 for Company A? |
References eBook & Resources Expanded tableDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.Problem 1-2A Part 1Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.Check my work
16. value:
1.00 points Required information
Problem 1-2A Part 2
| 2-a. | What is the amount of equity on December 31, 2014 for Company B? |
| 2-b. | What is the amount of equity on December 31, 2015 for Company B? |
| 2-c. | What is net income for year 2015 for Company B? |
References eBook & Resources Expanded tableDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.Problem 1-2A Part 2Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.Check my work
17. value:
1.00 points Required information
Problem 1-2A Part 3
3. | Calculate the amount of assets for Company C on December 31, 2015. |
References eBook & Resources Expanded tableDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.Problem 1-2A Part 3Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.Check my work
18. value:
1.00 points Required information
Problem 1-2A Part 4
| 4. | Calculate the amount of stock issuances for Company D during year 2015. |
References eBook & Resources WorksheetDifficulty: 2 MediumLearning Objective: 01-P1 Analyze business transactions using the accounting equation.Problem 1-2A Part 4Learning Objective: 01-A1 Define and interpret the accounting equation and each of its components.Check my work
19. value:
1.00 points Required information
Problem 1-2A Part 5
| 5. | Calculate the amount of liabilities for Company E on December 31, 2014. |
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Rating:
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Solution: Problem 1-2A Computing missing information using accounting knowledge