Question
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
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 | 36,000 | 92,000 | ? | |||||||||||
December 31, 2023: | ||||||||||||||||
Assets | 112,000 | 98,000 | ? | 266,000 | 241,000 | |||||||||||
Liabilities | ? | 63,000 | 46,000 | 136,000 | 158,000 | |||||||||||
During 2020: | ||||||||||||||||
Owner investments | 26,000 | 35,000 | 23,500 | ? | 10,600 | |||||||||||
Profit (loss) | (24,000 | ) | ? | 19,600 | 32,000 | 37,600 | ||||||||||
Owner withdrawals | 6,600 | 7,600 | 10,150 | -0- | 19,600 | |||||||||||
equired: 1. Answer the following questions about Company A:
a. What was the equity on December 31, 2022?
b. What was the equity on December 31, 2023?
c. What was the amount of liabilities owed on December 31, 2023?
2. 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?
3. Calculate the amount of assets owned by Company C on December 31, 2023.
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.
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