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The following financial statement information is known about five unrelated companies: Company A Company B Company C Company D Company E $123,000 54,500 $138,000 61,500
The following financial statement information is known about five unrelated companies: Company A Company B Company C Company D Company E $123,000 54,500 $138,000 61,500 $ 91,000 44,500 $176,500 109,000 $279,000 ? December 31, 2019: Assets Liabilities December 31, 2020: Assets Liabilities During 2020: Owner investments Profit (loss) Owner withdrawals 129,000 ? 115,000 71,500 ? 54,500 283,000 144,500 258,000 166,500 43,000 (32,500) 8,300 52,000 ? 9,300 32,000 21,300 12,700 ? 40,500 -0- 12,300 39,300 21,300 Required: 1. Answer the following questions about Company A: a. What was the equity on December 31, 2019? Equity b. What was the equity on December 31, 2020? Equity c. What was the amount of liabilities owed on December 31, 2020? Liabilities 2. Answer the following questions about Company B: a. What was the equity on December 31, 2019? Equity b. What was the equity on December 31, 2020? Equity c. What was the profit (loss) for 2020? 3. Calculate the amount of assets owned by Company C on December 31, 2020. Assets 4. Calculate the amount of owner investments in Company D made during 2020. Owner investments 5. Calculate the amount of liabilities owed by Company E on December 31, 2019. Liabilities
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