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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
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.) TIP: First identify the numerical relations among the columns using the balance sheet and income statement equations. Then compute the missing amounts. Independent Cases Total Revenues Total Expenses Net Income (Loss) Total Assets Total Liabilities Stockholders' Equity A $ 148,000 101,000 $ 188,000 $ 89,000 B 99,000 21,500 150,000 89,000 C 99,000 114,500 142,000 45,000 D 69,000 29,500 41,000 96,000 E 100,000 (10,500) 92,000 47,000
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