Question: E1-15 Missing amounts from balance sheet and income statement data One item is omitted in each of the following summaries of balance sheet and
E1-15 Missing amounts from balance sheet and income statement data One item is omitted in each of the following summaries of balance sheet and income state- ment data for four different corporations, AL, CO, KS, and MT. Beginning of the year: AL CO KS MT Assets $400,000 $300,000 $550,000 $ (d) Liabilities 200,000 130,000 325,000 350,000 End of the year: Assets 800,000 460,000 660,000 1,200,000 Liabilities 450,000 110,000 360,000 700,000 During the year: Additional issue of capital stock (a) 50,000 100,000 100,000 Dividends 50,000 20,000 (c) 90,000 Revenue Expenses 175,000 (b) 115,000 420,000 65,000 70,000 130,000 480,000 Determine the missing amounts, identifying them by letter. [Hint: First determine the amount of increase or decrease in stockholders' equity during the year.]
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
