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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. TIP: First identify the numerical relationships among the columns using the balance sheet and Income statement equations. Then compute the missing amounts. (Losses should be indicated by a minus sign.) Independent Cases Total Revenues Total Expenses Net Income (Loss) Total Assets Total Liabilities Shareholders' Equity A $ 166,000 $ 132,800 $232,000 $ 113,500 B 116,000 13,000 130,000 99,000 C 81,500 95,000 105,500 35,600 D 75,200 16,300 24,200 108,000 E 100,500 (4,000) 111,500 52,000
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