Comments

This is also 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

While the figures are jumbled in the problem statement, the balance sheet for each year would be organized like this:

Total L and SE XXX$=$ Total Liabilities $+$ Total Shareholders E

Balance Sheets are connected from year to year with Retained Earnings. We usually state that the Balance Sheets "articulate."

Retained Earnings $(beginningof$ year$)+$ Net Income $-$ Dividends $=$ Retained Earnings $(endof$ year$)$

$\{\begin{array}{ccc}\text{:}[T,& +135,-12=1,& 924]\end{array}$

Balance Sheets

Following is selected information from the balance sheet for Touret Inc., financial statements. Solve for the missing amounts for each year.

Because the financial statements are connected from one year to the next by the Retained Earnings, you may need to use the numbers from

the year before or the year after to solve for a number for the target year. Also, this problem includes a common metric, the working capital.

Required

Solve for the missing amounts for each of the five years.