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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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