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Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Freeman Heyward Jones Beginning of the year: Assets $900,000 $490,000 $115,0 Liabilities 360,000 260,000 81,00 End of the year:

Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Freeman Heyward Jones Beginning of the year: Assets $900,000 $490,000 $115,0 Liabilities 360,000 260,000 81,00 End of the year:

FINANCIAL ACCOUNTING
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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Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Freeman Heyward Jones Ramirez Beginning of the year: Assets $900,000 $490,000 $115,000 1,792,000 X Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional common stock issued 135,000 150,000 10,000 55,000 Dividends 75,000 32,000 165,000 X 39,000 Revenue 570,000 535,000 X 115,000 115,000 Expenses 240,000 128,000 122,500 128,000
Transcribed Image Text:Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Freeman Heyward Jones Ramirez Beginning of the year: Assets $900,000 $490,000 $115,000 1,792,000 X Liabilities 360,000 260,000 81,000 $120,000 End of the year: Assets 1,260,000 675,000 100,000 270,000 Liabilities 330,000 220,000 80,000 136,000 During the year: Additional common stock issued 135,000 150,000 10,000 55,000 Dividends 75,000 32,000 165,000 X 39,000 Revenue 570,000 535,000 X 115,000 115,000 Expenses 240,000 128,000 122,500 128,000
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