Question: P1-388 Below are selected financial data (in millions) for three utility companies. LEARNING OBJECTIVES 00 Apply the accounting equation; analyze the relationships among financial

P1-388 Below are selected financial data (in millions) for three utility companies. LEARNING OBJECTIVES 00 Apply the accounting equation; analyze the relationships among financial statements Gas Limited Electric Inc. Water Corp Beginning Assets. Liabilities Ending Assets. Liabilities. $11,200 4,075 $ 3,256 $ 909 CT 1,756 564 $12,400 4,400 57 $1,025 1,699 565 Owners' Equity Dividends. Issuance (Repurchase) of shares... S (36) S (0) 341 30 $7 0 Income Statement Revenues. Expenses $11,288 $11,099 ? 10,879 $1,663 1,568 CHAPTER ONE I THE FINANCIAL STATEMENTS Requirements 1. Compute the missing amounts (indicated by a ?) for each company. 2. What two line items above would be most relevant to determining which company is the largest? Why? 3. Which company reported the highest net income for the year? The highest net income as a percentage of revenues? Which of these two amounts is better for comparing the operating performance of the companies for the year? Why?

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