1. Selected balance sheet items are shown for the Basic Company. Compute the missing amounts for each of the four years using the basic accounting equation. 2019 $113,624 ACCOUNT 2020 2021 2022 $ ? 151,021 Current assets $? $85,124 Noncurrent assets ? 198,014 162,011 Total assets $524,600 $ ? $ ? $220,111 $? $ ? 30,222 Current liabilities $56,142 $40,220 Noncurrent liabilities ? ? 60,100 Paid-in Capital Retained Earnings 214,155 173,295 170,000 (3,644) $288,456 170,000 2,350 $ 220,111 13,785 1,452 Total liabilities and $524,600 $ ? owner's equity

1. Selected balance sheet items are shown for the Basic Company. Compute the missing amounts for each of the four years using the basic accounting equation. 2019 $113,624 ACCOUNT 2020 2021 2022 $ ? 151,021 Current assets $? $85,124 Noncurrent assets ? 198,014 162,011 Total assets $524,600 $ ? $ ? $220,111 $? $ ? 30,222 Current liabilities $56,142 $40,220 Noncurrent liabilities ? ? 60,100 Paid-in Capital Retained Earnings 214,155 173,295 170,000 (3,644) $288,456 170,000 2,350 $ 220,111 13,785 1,452 Total liabilities and $524,600 $ ? owner's equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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