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Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations. Determine the missing
Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations. Determine the missing amounts for [1] to [12].
Ivanhoe Ltd. Bridgeport Ltd. Income statement Total revenues $3,240,000 $ [1] Total expenses 1,300,000 [7] 1,460,000 Net income 1,140,000 Statement of changes in equity Total shareholders' equity, beginning of year Common shares, beginning of year 0 0 0 0 Issue of shares 500,000 [2] Common shares, end of year 200,000 [8] Retained earnings, beginning of year 0 0 Net income [3] [9] Dividends declared 300,000 [10] 1,160,000 Retained earnings, end of year 840,000 Total shareholders' equity, end of year [4] [11] Statement of financial position Total assets 3,260,000 [5] Total liabilities 1,560,000 [12] Total shareholders' equity [6] 1,660,000Step by Step Solution
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