Question
Two independent companies have the following information available. Please provide the missing amounts. High Company: December 31, 2020 December 31, 2021 Water Company: December 31,
Two independent companies have the following information available. Please provide the missing amounts.
| High Company: December 31, 2020 December 31, 2021 | Water Company: December 31, 2020 December 31, 2021 | ||||||
| Retained Earnings | $ a) | $ 35,000 |
| Contributed Capital | $ 150,000 | $ f) | |
| Liabilities | $ b)
| $ 190,000 |
| Revenues |
| $ g) | |
| Expenses |
| $ 90,000 |
| Net Income (Net Loss) |
| $ 60,000 | |
| Owner Investment |
| $ c) |
| Liabilities | $ 620,000 | $ h) | |
| Net Income (Net Loss) |
| $ d) |
| Retained Earnings | $ i) | $ 20,000 Debit - Deficit | |
| Assets | $ 390,000 | $ 400,000 |
| Dividends |
| $ j) | |
| Revenues |
| $ 115,000 |
| Owner Investment |
| $ 10,000 | |
| Dividends |
| $ 10,000 |
| Expenses |
| $ 400,000 | |
| Contributed Capital | $ 90,000 | $ e) |
| Assets | $ 710,000 | $ 620, 000 | |
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Macroeconomics Principles Applications And Tools
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
7th Edition
978-0134089034, 9780134062754, 134089030, 134062752, 978-0132555234
