The following financial statement information is known about five unrelated companies: Company A Company B $106,000 46,000 $121,000 53,000 December 31, 2022: Assets Liabilities December 31, 2023: Assets Liabilities During 2023: Owner investments Profit (loss) Owner withdrawals Equity 112,000 ? $ 60,000 Equity 26,000 (24,000) 6,600 Required: 1. Answer the following questions about Company A: a. What was the equity on December 31, 2022? 98,000 63,000 35,000 ? 7,600 b. What was the equity on December 31, 2023? Company C $ 74,000 36,000 ? 46,000 23,500 19,600 10, 150 Company D $168,000 92,000 266,000 136,000 ? 32,000 -0- Company E $262,000 ? 241,000 158,000 10,600 37,600 19,600
The following financial statement information is known about five unrelated companies: Company A Company B $106,000 46,000 $121,000 53,000 December 31, 2022: Assets Liabilities December 31, 2023: Assets Liabilities During 2023: Owner investments Profit (loss) Owner withdrawals Equity 112,000 ? $ 60,000 Equity 26,000 (24,000) 6,600 Required: 1. Answer the following questions about Company A: a. What was the equity on December 31, 2022? 98,000 63,000 35,000 ? 7,600 b. What was the equity on December 31, 2023? Company C $ 74,000 36,000 ? 46,000 23,500 19,600 10, 150 Company D $168,000 92,000 266,000 136,000 ? 32,000 -0- Company E $262,000 ? 241,000 158,000 10,600 37,600 19,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Required:
1. Answer the following questions about Company A:
a. What was the equity on December 31, 2022?
Equity
Equity
$
b. What was the equity on December 31, 2023?
60,000
Liabilities
c. What was the amount of liabilities owed on December 31, 2023?

Transcribed Image Text:The following financial statement information is known about five unrelated companies:
Company A Company B
$106,000
46,000
$121,000
53,000
December 31, 2022:
Assets
Liabilities
December 31, 2023:
Assets
Liabilities
During 2023:
Owner investments
Profit (loss)
Owner withdrawals
Equity
112,000
?
$ 60,000
Equity
26,000
(24,000)
6,600
Required:
1. Answer the following questions about Company A:
a. What was the equity on December 31, 2022?
98,000
63,000
35,000
?
7,600
b. What was the equity on December 31, 2023?
Company C
$ 74,000
36,000
?
46,000
23,500
19,600
10, 150
Company D
$168,000
92,000
266,000
136,000
?
32,000
-0-
Company E
$262,000
?
241,000
158,000
10,600
37,600
19,600
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