Question
Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations. Statement of income
Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations. Statement of income Bumble Ltd. Tumble Ltd. Total revenues $1,000,000 $ [7] Total expenses [1] 250,000 Net income 150,000 50,000 Statement of changes in equity Total shareholders' equity, beginning of year 0 0 Common shares, beginning of year 0 0 Issue of shares 100,000 [8] Common shares, end of year [2] 20,000 Retained earnings, beginning of year 0 0 Net income [3] [9] Dividends declared [4] 10,000 Retained earnings, end of year 100,000 40,000 Total shareholders' equity, end of year [5] [10] Statement of financial position Total assets 1,050,000 [11] Total liabilities 850,000 150,000 Total shareholders' equity [6] [12] Required Determine the missing amounts for [1] to [12]. Note that you may not be able to solve the items in numerical order.
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