Worksheet calc ulate the mis s ing amounts for eac h

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Unformatted text preview: s es $ 76,940 74,240 76,430 36,910 78,720 $ Net Inc ome (Los s ) 14,760 14,740 ­7,170 21,770 6,120 $ Total As s ets 140,200 107,880 97,850 96,570 105,100 $ Total Liabilities 69,000 28,670 69,850 17,890 25,520 Stoc k holders ' Equity $ 71,300 79,010 28,000 78,680 79,580 Learning Objective: 01­01 Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, and managers). Worksheet Calc ulate the mis s ing amounts for eac h of the independent c as es below. (Input all am ounts as positive value except losses which should be indicated by a m inus sign. Om it the "$" sign in your response.) Independent Cas es Total Rev enues Total Ex pens es Net Inc ome (Los s ) 14,760 ± 1% 76,940 $ $ Total As s ets A $ 91,700 $ B 88,980 ± 1% 74,240 14,740 107,880 C 69,260 76,430 ­7,170 ± 1% 97,850 D 58,680 36,910 ± 1% 21,770 E 84,840 78,720 6,120 ± 1% Explanation: Net Inc ome (or Los s ) = Rev enues – Ex pens es As s ets = Liabilities + Stoc k holders ’ Equity A B C D Net Inc ome = $91,700 – $76,940 = $14,760; Stoc k holders ’ Equity = $140,200 – $69,000 = $71,200. Total Rev enues = $74,240 + $14,740 = $88,980; Total Liabilities = $107,880 – $79,010 = $28,870. Net Los s = $69,260 – $76,430 = ($7,170); Stoc k holders ’ Equity = $97,850 – $69,850 = $28,000. Total Ex pens es = $58,680 – $21,770 = $36,910; E Total As s ets = $17,890 + $78,680 = $96,570. Net Inc ome = $84,840 – $78,720 = $6,120; Total As s ets = $25,520 + $79,580 = $105,100. 140,200 $ 96,570 ± 1% 105,100 ± 1% Total Liabilities Stoc k holders ' Equity 71,200 ± 1% 69,000 $ 28,870 ± 1% 79,010 28,000 ± 1% 69,850 17,890 78,680 25,520 79,580...
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