Question

The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented below for 2017 Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings Walco Corporation $117,000 72,000 Gunther Enterprises Beginning of year Total assets $159,000 Total liabilities Total stockholders' equity 71,300 End of year 182,000 Total assets Total liabilities Total stockholders' equity 120,000 59,000 51,900 Changes during year in retained earnings Dividends 4.600 Total revenues 215,000 Total expenses 169,000 80,000

Answer 1

			Walco Corp	Gurther Ent		A	Total Assets=Total Liabilities+Total Sharholders Equity
		Beginning of Year					117000=72000+A
		Total Assets	1,17,000	1,59,000			A=45000
		Total Liabilities	72,000	87,700
						D	Total Assets=Total Liabilities+Total Sharholders Equity
		Total Stockholder's Equity	45,000	71,300			159000=D+71300
							D=87700
		End of Year
		Total Assets	1,71,900	1,82,000		B	Total Assets=Total Liabilities+Total Sharholders Equity
		Total Liabilities	1,20,000	59,000			B=120000+51900
							B=171900
		Total Stockholder's Equity	51,900	1,23,000
						E	Total Assets=Total Liabilities+Total Sharholders Equity
		Changes during year in REs:					182000=59000+E
		Dividends	39,100	4,600			E=123000
		Total Revenues	2,15,000	1,36,300		C	Total Revenues	2,15,000
		Total Expenses	1,69,000	80,000			Total Expense	1,69,000
							Income During the Year	46,000
							Change in Stockholder's Equity-Increase	6,900	(51900-45000)
							Dividend Paid	39,100
						F	Total Expense	80,000
							Dividend Paid	4,600
							Change in Stockholder's Equity-Increase	51,700	(123000-71300)
							Total Revenue	1,36,300