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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 Total Stockholders' Assets Liabilities 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 North Trails Cinema, Incorporated, operates movies and food concession counters throughout the United States. Its income statement for the quarter ended June 30, 2019, reported the following (accounts are listed alphabetically in thousands): Admissions Revenue Concessions Expenses Concessions Revenue Film Rental Expenses $ 490,100 39,700 311,500 255,850 Income Tax Expense 41,600 Office Expenses 255,400 Rent Expense 85,800 Salaries and Wages Expense 74,000 Net Income (Loss)
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