n Connect quin#20 2 Required information The following information applies to th

Question

n Connect quin#20 2 Required information The following information applies to the questions displeyed below The following financial statement information is from five separate companies Part 2 of 5(The Company Company Company Company Company eBook December 31, 2016 Assets $48,000 37,440 $30,720 $85,440 $131,040 Liabilities 39, 360 26,208 16,588 58,953 December 31, 2017 ssets Liabilities 25,948 17,399 46,300 115,561 53,000 38,160 96,460 146,280 During year 2017 owner investments 6,000 1,400 9,750 ? 6,500 Net incone (loss Owner eash 12,710 6,000 16,673 9,011 0 11,000 withdravals .500 2,000 5,875 a What is the amount of equity on December 31, 20% or Company 8 2b. What is the amount of equity on December 31, 2017 for Company B 2c. what is net income for year 2017 for Company B 31, s 11,232 December3

Explanation / Answer

net income of company B should be = $ 1580.

Calculation for the same is as follows -

the same formula can be applied on other companies also given in question.

in case of any clarification required please comment.

Company B particulars Amt $ equity '2016 11232 add investment 1400 less withdrawl 2000 10632 less net loss 1580 equity 2017 12212

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