Problem 1-57B: The Fundamental Accounting Equation

Information for TTL Inc. is given below.

Total assets at the beginning of the year $ (a) solve for (a)

Total assets at the end of the year 758,150

Total liabilities at the beginning of the year 368,200

Total liabilities at the end of the year (b) solve for (b)

Equity at the beginning of the year 272,900

Equity at the end of the year $ (c) solve for (c)

Dividends paid during the year 35,500

Net income for the year (d) solve for (d)

Revenues 929,440

Expenses 835,320

Required:

Us the relationship in the balance sheet, income statement, and retained earnings statement to determine the missing values.

Hint:

The easiest way to solve this is to use the accounting equation: Beginning of the year A = L + OE or 641,110 = 368,200 + 272,900 End of the year A = L + OE or 758,150 = X + 272900 -35,500 (dividends) + 929,440 (revenues) - 835,320 (expenses)