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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

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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 (Loss amounts should be indicated with a minus sign.) Net Income (Loss) Stockholders Equity Independent Cases A B 20,500 Total Total Revenues Expenses $ 144,000 $ 99.000 97,000 97,000 111,500 67.000 98,000 Total Total Assets Liabilities $184,000 $ 87,000 145,000 138,000 43,000 39,000 90,000 87.000 100w 28,500 (9,500) 94,000 45,000

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