One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, AL, CO, KS, and MT. Enter the missing amounts.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 four different corporations, AL, CO, KS, and MT. Enter the missing amounts.
Beginning of the year:
Assets
Liabilities
End of the year:
Assets
Liabilities
During the year:
Additional issue of capital
stock
Dividends
Revenue
Expenses
Feedback
AL
$327,800
196,700
406,500
177,000
72,100 ✔
22,900
108.200
59,000
CO
$377,000
196,000
527,800
165,900
75,400
22,600
252,700 X
98,000
KS
$137,700
110,200
151,500
110,200
13,800
159,700
169,400
MT
181,400
375,000
205,600
60,500
88,700
169,300
193,500
✓ Check My Work
Recall that the accounting equation can be rearranged to calculate the missing amounts. Stockholders' equity increases with additional stock issues and also when the retained earnings balance increases through net income and gains.
Stockholders' equity decreases when dividends are declared and paid and also when the retained earnings balance decreases through net losses.
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 four different corporations, AL, CO, KS, and MT. Enter the missing amounts. Beginning of the year: Assets Liabilities End of the year: Assets Liabilities During the year: Additional issue of capital stock Dividends Revenue Expenses Feedback AL $327,800 196,700 406,500 177,000 72,100 ✔ 22,900 108.200 59,000 CO $377,000 196,000 527,800 165,900 75,400 22,600 252,700 X 98,000 KS $137,700 110,200 151,500 110,200 13,800 159,700 169,400 MT 181,400 375,000 205,600 60,500 88,700 169,300 193,500 ✓ Check My Work Recall that the accounting equation can be rearranged to calculate the missing amounts. Stockholders' equity increases with additional stock issues and also when the retained earnings balance increases through net income and gains. Stockholders' equity decreases when dividends are declared and paid and also when the retained earnings balance decreases through net losses.
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