Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the
following independent cases to compute the two missing amounts for each case. Assume that it is the end of the first full year of
operations for the company. (Loss amounts should be indicated with a minus sign.)
TIP: First identify the numerical relations among the columns using the balance sheet and income statement equations. Then compute
the missing amounts.
Independent
Cases
A
B
C
DE
Total
Revenues
$ 124,000 $
Total
Expenses
87,000
57,000
89,000
87,000
96,500
88,000
Net Income
(Loss)
15,500
23,500
(9,500)
Total
Assets
Total
Liabilities
$ 164,000 $ 77,000
126,000
118,000
33,000
29,000
80,000
Stockholders'
Equity
77,000
84,000
35,000