Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me and check if my calculations were right? Thank you! The following financial statement information is known about five unrelated companies: Company
Can someone help me and check if my calculations were right? Thank you!
The following financial statement information is known about five unrelated companies: Company A Company B Company C Company D Company E December 31, 2022: Assets $106,000 $121, 000 $ 74,000 $168, 000 $262,000 Liabilities 46, 000 53,000 36, 090 92, 000 .V December 31, 2023: Assets 112,000 98,000 ? 266, 000 241, 000 Liabilities .V 63,000 46, 000 136, 000 158, 000 During 2020: Owner investments 26, 000 35,000 23,500 .V 10, 600 Profit (loss) (24, 090) ? 19, 600 32, 000 37,600 Owner withdrawals 6, 600 7, 600 10, 150 - 0- 19, 600 Required: 1. Answer the following questions about Company A: a. What was the equity on December 31, 2022? Equity $ 60,000b. What was the equity on December 31, 2023? Equity $ 55,400 c. What was the amount of liabilities owed on December 31, 2023? Liabilities $ 56,6002. Answer the following questions about Company B: a. What was the equity on December 31, 2022? b. What was the equity on December 31, 2023? c. What was the profit (loss) for 2023? Loss $ 60,4003. Calculate the amount of assets owned by Company C on December 31, 2023. $ 116,950E 4. Calculate the amount of owner investments in Company D made during 2023. 5. Calculate the amount of liabilities owed by Company E on December 31, 2022. Liabilities $ 207,600Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started