Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in

Question:

Review the chapter explanations of the income statement and the 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 2010, the first full year of operations for the company.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...