Company V Company W Company Company Y Company December 31, 2018 Assets $54,000 $ 80,000 $141,500 $92,500 $144,000 Liabilittes.. 25,000 60,000 68,500 51,500 December 31, 2019 Assets 59,000 100,000 186,500 170,000 Llabilities.. 36,000 65,800 42,000 42,000 During year 2019 Owner Investments 5,000 20,000 48,100 60,000 Net Income (or loss). ? 40,000 18,500 24,000 32,000 Owner cash withdrawals. 5,500 2,000 20,000 8,000 Required 1. Answer the following questions about Company V. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the net income or loss for the year 2019? [continued on next page] Chapter 1 Accounting In Business 2. Answer the following questions about Company W. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the amount of liabilities on December 31, 2019? 3. Compute the amount of owner investments for Company X during 2019. 4. Compute the amount of assets for Company Y on December 31, 2019. 5. Compute the amount of liabilities for Company Z on December 31, 2018.

The financial statement that shows the profitability of a business entity is known as: Group of answer choices Balance sheet and statement of retained earnings Balance sheet and income statement Income statement Statement of retained earnings

The four major financial reports that summarize the effects of economic events (like the results of operations) on a business for a specific time period or accounting period are called what? Group of answer choices tax returns managerial statements financial statements economic statements

Consistent with ASC Topic 280 which of the following is a key characteristic defining a separate segment for reporting purposes? The unit: Multiple Choice produces discrete financial information. produces information that is used by chief operating decision makers. earns revenue within or outside the company represents the largest unit of a large corporation.