The following financial statement information is known about five unrelated companies:

Required

1. Answer the following questions about Company V:

a. What was the equity on December 31, 2019?

b. What was the equity on December 31, 2020?

c. What was the profit (loss) for 2020?

2. Answer the following questions about Company W:

a. What was the equity on December 31, 2019?

b. What was the equity on December 31, 2020?

c. What was the amount of liabilities owed on December 31, 2020?

3. Calculate the amount of owner investments in Company X made during 2020.

4. Calculate the amount of assets owned by Company Y on December 31, 2020.

5. Calculate the amount of liabilities owed by Company Z on December 31, 2019.

Transcribed Image Text:

Company Company Company Company Company х December 31, 2019: Assets. $121,500 58,500 $165,000 $70,000 $82,500 $124,000 Liabilities. December 31, 2020: 50,000 30,000 50,000 192,000 26,000 160,000 52,000 Assets. Liabilities. During 2020: Owner investments Profit (loss). Owner withdrawals. 136,500 90,000 55,500 72,000 10,000 30,000 2,000 40,000 60,000 38,100 (46,000) 16,500 32,000 4,500 -0- 18,000