Question

For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column $33,000 18,600 $13,500 5,000 $28,800 19,000 $(d) 8,500 Beginning Assets Liabilities Ending Assets Liabilities During Year Sales Revenue Expenses Dividends 30,000 17.300 26,000 (b) 34,000 15,000 40,000 19,000 (a) 8,500 3,000 23,500 21,000 1,550 28,000 11,000 (c) 24,000 17,000 3,000 (a)$ (b)$ (c)$ (d)$

Answer 1

A)

Beginning assets = Beginning liabilities + Beginning equity

33,000 = 18,600 + Beginning equity

Beginning equity = $14,400

Ending assets = Ending liabilities + Ending equity

30,000 = 17,300 + Ending equity

Ending equity = $12,700

Ending equity = Beginning equity + Sales revenue - Expenses - Dividends

12,700 = 14,400 + Sales revenue - 8,500 - 3,000

Sales revenue = $9,800

B)

Beginning assets = Beginning liabilities + Beginning equity

13,500 = 5,000 + Beginning equity

Beginning equity = $8,500

Ending equity = Beginning equity + Sales revenue - Expenses - Dividends

= 8,500 + 23,500 - 21,000 - 1,500

= $9,500

C)

Beginning assets = Beginning liabilities + Beginning equity

28,800 = 19,000 + Beginning equity

Beginning equity = $9,800

Ending assets = Ending liabilities + Ending equity

34,000 = 15,000 + Ending equity

Ending equity = $19,000

Ending equity = Beginning equity + Sales revenue - Expenses - Dividends

19,000 = 9,800 + 28,000 - 11,000 - Dividends

Dividends = $7,800

D)

Ending assets = Ending liabilities + Ending equity

40,000 = 19,000 + Ending equity

Ending equity = $21,000

Ending equity = Beginning equity + Sales revenue - Expenses - Dividends

21,000 = Beginning equity + 24,000 - 17,000 - 3,000

Beginning equity = $17,000

Beginning assets = Beginning liabilities + Beginning equity

= 8,500 + 17,000

= $25,500

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