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Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b)
Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is probably calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign).) Assets $18,500 Liabilities 13,900 Stockholders Equity 4,600 Revenue 10,800 Expenses 9,350 Net Income 1,450 Dividends 650 Beginning Retained Earnings 3,800 Ending Retained Earnings 4,600 Cash Flows from Investing Activities ( 1,300) Cash Flows from Financial Activities ( 1,050) Beginning Cash 1,300 Ending Cash 850
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