P2.3 Understanding the accounting equation ILO 2.12) Required: Following is selected information from the balance sheet for Flaps Inc. Solve for the missing amounts for each of the five years. 20X1 $13.765 A 138 2.340 8.667 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 20X2 F $3.420 139 G 8,721 2.813 H 1 2.216 Year 20x3 K $3.467 L 2.357 M 2.851 14.000 51335 2.795 20X4 P $3.517 142 2492 8.968 O R s 5.225 899 5.114 20x5 U V $ 144 w Y 14.351 5.454 2296 5.315 Z 5.354 B 5.231 c D 8610 E 8687 5.168 5.200 N O Comments: 1 One thing to keep in mind is that contributed capital is the total of Common Stock and Addisional Paid Common Stock 100 Additional Paid in Capital 100 Total Contributed Capital 200 Retained Earnings 100 Total Shareholders' Equity 300 2. Retained Earnings (end of year) = Retained Earnings (beginning of year) + Net Income - Dividends