Required information [The following information applies to the questions displayed below.] The following financial statement information...
Required information
[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, 2018 | |||||||||||||||
| Assets | $ | 36,000 | $ | 28,080 | $ | 23,040 | $ | 64,080 | $ | 98,280 | |||||
| Liabilities | 29,520 | 19,656 | 12,441 | 44,215 | ? | ||||||||||
| December 31, 2019 | |||||||||||||||
| Assets | 41,000 | 29,520 | ? | 74,620 | 113,160 | ||||||||||
| Liabilities | ? | 20,073 | 13,460 | 35,817 | 89,396 | ||||||||||
| During year 2019 | |||||||||||||||
| Stock issuances | 6,000 | 1,400 | 9,750 | ? | 6,500 | ||||||||||
| Net income (loss) | 9,470 | ? | 5,700 | 11,938 | 8,608 | ||||||||||
| Cash dividends | 3,500 | 2,000 | 5,875 | 0 | 11,000 | ||||||||||
What is the amount of equity on December 31, 2018 for Company B.What is the amount of equity on December 31, 2019 for Company B
What is net income for year 2019 for Company B.
Homework Answers
Answer:
For Company B,
i. Equity on December 31,2018:
| Assets on December 31,2018 | $28,080 |
| (Less):Liabilities on December 31,2018 | ($19,656) |
| Equity on December 31,2018 | $8,424 |
ii. Equity on December 31,2019:
| Assets on December 31,2019 | $29,520 |
| (Less):Liabilities on December 31,2019 | ($20,073) |
| Equity on December 31,2019 | $9,447 |
iii.Net income:
| Equity on December 31,2019 | $9,447 |
| Add: Cash dividends | $2,000 |
| (Less): Equity on December 31,2018 | ($8,424) |
| (Less): Stock issuance | ($1,400) |
| Net income for 2019 | $1,623 |
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