1. This is an example of balance sheet results after the accounting system has recorded all of the events. Each balance sheet must conform to the accounting basic equation, Assets Liabilities + Shareholders' Equity 2. While the figures are jumbled in the problem statement, the balance sheet for each year would be. organized like this: Current Assets Noncurrent Assets Total Assets Current Liabilities Noncurrent Liabilites Total Liabilities XXX XXX XXX XXX XXX XXX Common Stock XXX Additional Paid in Cap. XXX Total Contributed Cap XXX Retained Earnings XXX Total Shareholders E XXX Total Land SE XXX Total Liabilities + Total Shareholders E 3. Balance Sheets are connected from year to year with Retained Earnings. We usually state that the Balance Sheets "articulate." Retained Earnings (beginning of year) Net Income-Dividends - Retained Earnings (end of year) 3. Balance Sheets are connected from year to year with Retained Earnings. We usually state that the Balance Sheets "articulate." Retained Earnings (beginning of year) + Net Income - Dividends Retained Earnings (end of year). Balance Sheets Following is selected information from the balance sheet for Flaps Inc. Total liabilities and stockholders' equity Current liabilities Common stock Contributed capital Noncurrent assets Retained earnings Total assets Noncurrent liabilities Additional paid-in capital Current assets Total liabilities. Total stockholders' equity 20X1 $13.765 A 138 2,340 8,667 2,795 B 5,231 C D 8,630 E Required Solve for the missing amounts for each of the five years. 20X2 F $3,420 139 G 8,721 2,813 H 1 2,216 J 8,683 5.168 Year 20X3 K $3,467 L 2.387 M 2.851 14.040 5,335 2,247 5.200 N 0 20X4 P $3,517 142 2,422 8,968 Q R S T 5,275 8,929 5.314 20X5 U V $ 144 W X Y 14.351 5,454 2,296 5.315 Z 5.354