Question

Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the following independent cases to compute the two missing amounts for each case. Assume that it is the end of the first full year of operations for the company. (Loss amounts should be indicated with a minus sign.) Net Income (105) Stockholders Equity Independent Cases A B 14,000 74,000 Total Total Revenues Expenses $ 118,000 $ 86,000 84,000 84,000 92,000 54,000 85,000 Total Total Assets Liabilities $ 158,000 $ 74,000 120,000 112,000 30,000 26,000 77,000 С D E 22,000 (8,000) 81,000 32,000

Answer 1

A Independent 1 cases A Nm B с E F G Total Total Net Income Total Total Stockholders' Revenues Expenses (Loss) Assets Liabilities Equity $ 118,000 $ 86,000 $ 32,000 $ 158,000 $ 74,000 $ 84,000 $ 98,000 $ 84,000 $ 14,000 $ 120,000 $ 46,000 $ 74,000 $ 84,000 $ 92,000 $ -8,000 $ 112,000$ 30,000 $ 82,000 $ 54,000 $ 32,000 $ 22,000 $ 107,000 $ 26,000 $ 81,000 $ 77,000 $ 85,000 $ -8,000 $ 109,000$ 77,000 $ 32,000 B 4 с 5 D 6 E

B С D E F G A Independent cases Total 1 Revenues Total Expenses 86000 84000 Net Income (Loss) =+B2-C2 Stockholders' Equity =+E2-F2 2 А 118000 3 B =+C3+D3 14000 Total Total Assets Liabilities 158000 74000 120000 =+E3-G3 112000 30000 =+G5+F5 26000 =+G6+F6 77000 74000 4 C 84000 92000 =+B4-C4 =+E4-F4 5 D =+B5-D5 22000 81000 54000 =+C6+D6 6 E 85000 -8000 32000