Current Attempt in Progress

Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first

year of operations. Determine the missing amounts for $[1]$ to $[12].$ Note that you may not be able to solve the items in numerical order.

Pharoah Inc.

Sheffield Inc.

Statement of income

Total revenues

$$1,120,000,$$

$[7]$

Total expenses

$[1]$

$280,000$

Net income

$168,000$

$56,000$

Statement of changes in equity

Total shareholders' equity, beginning of year

$0$

$0$

Common shares, beginning of year

$0$

$0$

Issue of shares

$112,000$

$[8]$

Common shares, end of year

$[2]$

$22,400$

Retained earnings, beginning of year

$0$

$0$

Net income

$[3]$

$[9]$

Dividends declared

$[4]$

$11,200$

Retained earnings, end of year

$112,000$

$44,800$

Total shareholders' equity, end of year

$[5]$

$[10]$

Statement of financial position

Total assets

$1,176,000$

$[11]$

Total liabilities

$952,000$

$168,000$

Total shareholders' equity

$[6]$

$[12]$

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