Question
Selected amounts from the condensed financial statements of Timson Corporation for 2012 and 2013 are presented below with several amounts missing. The 2011 year-end balance
Selected amounts from the condensed financial statements of Timson Corporation for 2012 and 2013 are presented below with several amounts missing. The 2011 year-end balance of retained earnings is $82,883.
Income Statement | 2013 | 2012 |
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Revenues | $490,304 | $ (a) |
Costs and expenses | (h) | (501,295) |
Income taxes | (853) | (3,603) |
Net income | $__ (i) | $ _ _(b) |
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Statement of Retained Earnings |
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Beginning-of-year balance | $ (j) | $ (c) |
Net income | 3,747 | (d) |
Dividends | (k) | (3,845) |
End-of-year balance | $ (l) | $_ _ (e) |
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Balance Sheet |
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Total assets | $ (m) | $246,481 |
Total liabilities | $110,192 | $102,239 |
Common stock | 57,968 | 56,800 |
Retained earnings | (n) | $ (f) |
Total liabilities and stockholders' equity | $255,473 | $ (g) |
a. Determine the missing amounts indicated by the letters. (Hint: You should not try to find them in alphabetical order.)
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