Question

Question 3 View Policies Current Attempt in Progress 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 Gunther Enterprises pol $159.000 $117.000 72.000 71,300 Beginning of year Total assets Total liabilities Total stockholders'equity End of year Total assets Total liabilitles Total stockholders' equity Changes during year in retained earn Dividends 182.000 59.000 120.000 51.900 $ 4,600 215.000 $ Total revenues 30.000 169.000

Answer 1

(a) Assets = Liabilities + Shareholders equity

$117,000 = $72,000 + Shareholders equity

Shareholder equity = $45,000

(b) Assets = Liabilities + Shareholders equity

Assets = $120,000 + $51,900

Assets = $171,900

(c) Ending shareholders equity = Beginning shareholders equity + Revenues - Expenses - Dividends

$51,900 = $45,000 + $215,000 - $169,000 - Dividends

Dividends = $39,100

(d) Assets = Liabilities + Shareholders equity

$159,000 = Liabilities + $71,300

Liabilities = $87,700

(e) Assets = Liabilities + Shareholders equity

$182,000 = $59,000 + Shareholders equity

Shareholder equity = $123,000

(f) Ending shareholders equity = Beginning shareholders equity + Revenues - Expenses - Dividends

$123,000 = $71,300 + Revenues - $80,000 - $4,600

Revenues = $136,300