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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

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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. 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.) Cases Independent Total Revenues Total Expenses Net Income Total (Loss) Assets Total Liabilities Shareholders' Equity A $ 191,000 $ 152,800 $ 165,000 $ 72,000 B 108,000 20,500 176,000 61,000 C 112,500 129,500 106,000 29,500 D 97,000 14,100 31,800 110,500 E 98,500 (1,500) 93,000 36,000

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