Problem - The following financial statement information is from five separate companies:
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Company A
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Company B
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Company C
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Company D
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Company E
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December 31, 2010
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Assets
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$35,000
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$27,300
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$22,400
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$62,300
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$95,550
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Liabilities
|
28,700
|
19,110
|
12,096
|
42,987
|
?
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December 31, 2011
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Assets
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38,000
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27,360
|
?
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69,160
|
104,880
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Liabilities
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?
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18,604
|
12,475
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33,196
|
82,855
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During year 2011
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|
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Owner investment
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6,000
|
1,400
|
9,750
|
?
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6,500
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Net income (loss)
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8,300
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?
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(1,194)
|
9,651
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7,415
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Owner cash withdrawals
|
3,500
|
2,000
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8,575
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0
|
11,000
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Required -
1. What is the amount of equity on December 31, 2011?
2. What is the amount of liabilities on December 31, 2011?
3. What is net income for year 2011?
4. Calculate the amount of assets for Company C on December 31, 2011.
5. Calculate the amount of owner investments for Company D during year 2011.
6. Calculate the amount of liabilities for Company E on December 31, 2010.