Question

Exercise 1-13A Compute missing amounts from financial statements (LO1-3) Each of the following independent situations represents amounts shown on the four basic financial statements. Fill in the formulas and missing blanks using your knowledge of amounts that appear on the financial statements. 1. Revenues = $23,200; Expenses = $16,100; Net income =. 2. Increase in stockholders' equity = $17,000; Issuance of common stock = $11,000; Net income = $10,100; Dividends =. 3. Assets = $22,000; Stockholders' equity = $15,000; Liabilities = _ 4. Total change in cash = $22,200; Net operating cash flows = $30,200; Net investing cash flows = ($13,200); Net financing cash flows 1. Revenues – Expenses = Net income 23,200 - $ 161,000 = $ (137,800)

Answer 1

Answer:

1. Net income= ($137,800)

2.Dividend=$4,100

3.Liabilities =$7,000

4. Net Financing Cash Flows = $5,200

Calculation:-

1. Revenues - Expenses = Net income

23,200- 161,000 =( $ 137,800)

2. Increase in stockholder's equity = Issuance of Common Stock + net income - Dividend

17000 = 11000 + 10100 - 4100 ( balancing figure )

3. Assets = Liabilities + Stockholder's equity

22,000 = 7,000 ( balancing figure ) + 15000

4. Total change in cash =Net operating cash flow + Net investing cash flow +Net Financing Cash Flows

22,200 = 30,200 - 13,200 + 5200 ( balancing figure )