Inferring Values Using the Income Statement and Balance Sheet Equations
Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each independent case to compute the two missing amounts for each case. Assume that it is the end of 2012. the first full year of operations for the company. (Hint: Organize the listed items as they are presented in the balance sheet and income statement equations and then compute the missing amounts.)
Independent Cases | Total Revenues | Total Expenses | Net Income (Loss) | Total Assets | Total Liabilities | Stockholders' Equity |
A | $231,820 | $196,700 | $ | $294,300 | $75,000 | $ |
B |
| 175,780 | 29,920 | 590,000 |
| 348,400 |
C | 72,990 | 91.890 |
| 258,200 | 190,760 |
|
D | 36.590 |
| 9,840 |
| 189,675 | 97.525 |
E | 224,130 | 210.630 |
|
| 173,850 | 361.240 |
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