Current Attempt in Progress 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]. Note that you may not be able to solve the items in numerical order. Statement of income Total revenues Total expenses Net income Statement of changes in equity Total shareholders' equity, beginning of year Common shares, beginning of year Issue of shares Common shares, end of year Retained earnings, beginning of year Net income Dividends declared Retained earnings, end of year Total shareholders' equity, end of year Statement of financial position Total assets Total liabilities Total shareholders' equity eTextbook and Media Pharoah Inc. $1,120,000 $ [1] 168,000 0 0 112,000 [2] 0 [3] [4] 112,000 [5] 1,176,000 952,000 [6] Sheffield Inc. [7] 280,000 56,000 0 0 [8] 22,400 0 [9] 11,200 44,800 [10] [11] 168,000 [12]
Current Attempt in Progress 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]. Note that you may not be able to solve the items in numerical order. Statement of income Total revenues Total expenses Net income Statement of changes in equity Total shareholders' equity, beginning of year Common shares, beginning of year Issue of shares Common shares, end of year Retained earnings, beginning of year Net income Dividends declared Retained earnings, end of year Total shareholders' equity, end of year Statement of financial position Total assets Total liabilities Total shareholders' equity eTextbook and Media Pharoah Inc. $1,120,000 $ [1] 168,000 0 0 112,000 [2] 0 [3] [4] 112,000 [5] 1,176,000 952,000 [6] Sheffield Inc. [7] 280,000 56,000 0 0 [8] 22,400 0 [9] 11,200 44,800 [10] [11] 168,000 [12]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress
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]. Note that you may not be able to solve the items in numerical order.
Statement of income
Total revenues
Total expenses
Net income
Statement of changes in equity
Total shareholders' equity, beginning of year
Common shares, beginning of year
Issue of shares
Common shares, end of year
Retained earnings, beginning of year
Net income
Dividends declared
Retained earnings, end of year
Total shareholders' equity, end of year
Statement of financial position
Total assets
Total liabilities
Total shareholders' equity
eTextbook and Media
Save for Later
Pharoah Inc.
$1,120,000
[1]
168,000
0
0
112,000
0
[3]
[4]
112,000
[5]
1,176,000
952,000
[6]
$
Sheffield Inc.
[7]
280,000
56,000
0
0
[8]
22,400
0
[9]
11,200
44,800
[10]
[11]
168,000
[12]
Attempts: 0 of 3 used Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46d192b9-9f66-423d-944a-5b0dd5b3ce19%2Fca882b0b-d750-4921-8b8a-e7896582703c%2F0r17xlr_processed.png&w=3840&q=75)
Transcribed Image Text:View Policies
Current Attempt in Progress
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]. Note that you may not be able to solve the items in numerical order.
Statement of income
Total revenues
Total expenses
Net income
Statement of changes in equity
Total shareholders' equity, beginning of year
Common shares, beginning of year
Issue of shares
Common shares, end of year
Retained earnings, beginning of year
Net income
Dividends declared
Retained earnings, end of year
Total shareholders' equity, end of year
Statement of financial position
Total assets
Total liabilities
Total shareholders' equity
eTextbook and Media
Save for Later
Pharoah Inc.
$1,120,000
[1]
168,000
0
0
112,000
0
[3]
[4]
112,000
[5]
1,176,000
952,000
[6]
$
Sheffield Inc.
[7]
280,000
56,000
0
0
[8]
22,400
0
[9]
11,200
44,800
[10]
[11]
168,000
[12]
Attempts: 0 of 3 used Submit Answer
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