Question

Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, AL, CO, KS, and MT. Enter the missing amounts. AL CO KS MT Beginning of the year: Assets $454,000 $526,600 $204,300 Liabilities 272,400 273,800 163,400 251,300 End of the year: Assets 563,000 737,200 224,700 519,300 Liabilities 245,200 231,700 163,400 284,800 During the year: Additional issue of capital stock 105,300 20,400 83,800 Dividends 31,800 31,600 122,800 Revenue 149,800 237,000 234,400 Expenses 81,700 136,900 251,300 268,000

Answer 1

1. AL's additional common stock issued

Beginning Common stock = asset - liabilties = $454,000 - $272,400 = $181,600

Ending common stock = asset - liabilities = $563,000 - $245,200 = $317,800

Additional common stock = Ending common stock - beginning common stock + dividend - revenue + expense

= $317,800 - $181,600 + $31,800 - $149,800 + $81,700 = $99,900

2. CO's revenue

Beginning Common stock = asset - liabilties = $526,600 - $273,800 = $252,800

Ending common stock = asset - liabilities = $737,200 - $231,700 = $505,500

Revenue = Ending common stock - beginning common stock + dividend - additional capital + expense

= $505,500 - $252,800 + $31,600 - $105,300 + $136,900

=$315,900

3. KS's dividend

Beginning Common stock = asset - liabilties = $204,300 - $163,400 = $40,900

Ending common stock = asset - liabilities = $224,700 - $163,400 = $61,300

Dividend = Beginning common stock - ending common stock + revenue + additional capital - expense

=$40,900 - $61,300 + $237,000 + $20,400 - $251,300

= -$14,300

4. MT's assets

Ending common stock = asset - liabilities = $519,300 - $284,800 = $234,500

Beginning common stock = ending common stock - additional common stock + dividend - revenue + expense

=$234,500 - $83,800 + $122,800 - $234,400 + $268,000

=$307,100