Question

tems from the Income statement, statement of retalned earnings, and balance sheet are listed below In alphabetical order. For the companles shown In each column, solve for the missing amounts. Common Stock 16 5 25 Net Income Retained Earnings, End of Yean Total Assets Total Expenses Total Liabilities Total Revenues 27 40 34 79 43

Answer 1

	Weil	Simon	Kealy
Common Stock	16	25	24
Dividends	0	0	3
Net Income	21	16	18
Retained Earnings, Beginning of Year	26	27	33
Retained Earnings, End of Year	47	43	48
Total Assets	97	87	92
Total Expenses	58	27	40
Total Liabilities	34	19	20
Total revenues	79	43	58

Net Income = Total Revenues – Total Expenses

Retained Earnings, End of year = Retained Earnings, Beginning of Year + Net income - Dividends

Total Assets = Total Liabilities + Total Equity Funds (since a balance sheet always tallies)

= Total Liabilities + Common Stock + Retained Earnings, End of year