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Exercise 1-16 The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are
Exercise 1-16 The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented below for 2017 Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings. Walco Corporation Gunther Enterprises Beginning of year Total assets $120,000 $144,000 Total liabilities 62,000 Total stockholders' equity 75,000 End of year Total assets 178,000 Total liabilities 51,000 129,000 Total stockholders' equity 51,100 Changes during yer in retained earnings Dividends 5,400 219,000 s Total revenues Total expenses 160,000 82,000
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