Question
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. 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 Total Cases Revenues Total Expenses Net Income (Loss) Total Assets Total Liabilities Shareholders' Equity A $ 111,000 $ 88,800 $178,000 $ 90,000 B 112,500 21,500 203,000 92,500 C 123,500 127,000 106,500 31,800 D 51,000 15,700 26,400 98,500 E 114,000 (2,400) 94,500 76,000
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