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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
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 Net Income Total Expenses (Loss) Assets Total Liabilities Stockholders' Equity A 5 142,000 $ 98,000 $ 182,000 $ 86,000 B 96.000 20,000 144,000 86,000 C 96,000 110,000 136,000 42,000 D 66,000 28.000 38,000 93,000 E 97,000 (9.000) 89,000 44,000
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