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Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the following independent cases to compute

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Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the following independent cases to compute the two missing amounts for each case. Assume that it is the end of the first full year of operations for the company. (Loss amounts should be indicated with a minus sign.) Independent Cases Total Revenues 140,000 Net Income (Loss) Total Expenses $ 97,000 95.000 108,500 Stockholders Equity Total Assets $ 180,000 142.000 134,000 Total Liabilities $ 85,000 19.500 85,000 95,000 65,000 27,500 (8,500) 41.000 37.000 88,000 92,000 43,000 96,000

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