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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.) Independent Cases Total Revenues Total Expenses Net Income (Loss) Total Assets Total Liabilities Stockholders' Equity A $ 146,000 $ 100,000 $ 186,000 $ 88,000 B 98,000 21,000 148,000 88,000 C 98,000 113,000 140,000 44,000 D 68,000 29,000 40,000 95,000 E 99,000 (10,000) 91,000 46,000
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