Question: 1

E1-1 Reporting Amounts on the Four Basic Financial Statements Using the following table and the equations underlying each of the four basic financial statements Assets Liabilities Shareholders' Equity Revenue Expenses Net income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Beginning Cash Ending Cash $19,680 14,350 5,250 10,900 9,400 1,500 580 4,182 5, 120 1,840 (1.120) (1,060) 1,320 980 Required: a. Show that the balance sheet is in balance Assets Assets reported $ b. Show that net income is properly calculated. Net income - Net income reported $ c. Determine caused changes in the retained earnings account Ending retained earnings $ 0 d. Determine caused changes in the cash account. (Negative amounts should be indicated by a minus sign.) Ending cash $ 0