Question: what are the missing values? E1-8 Inferring Values Using the Income Statement and Balance Sheet Equations (L01-2) Review the chapter explanations of the income statement
E1-8 Inferring Values Using the Income Statement and Balance Sheet Equations (L01-2) Review the chapter explanations of the income statement and the balance sheet 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 the first full year of operations for the company. TIP: First identify the numerical relationships among the columns using the balance sheet and income statement equations. Then compute the missing amounts. (Losses should be indicated by a minus sign.) Independent Cases Shareholders Equity B Total Total Net Income Revenues Expenses (Loss) $ 111,000 $ 88,800 112,500 21,500 123,500 127.000 51.000 15,700 114.000 (2,400) Total Total Assets Liabilities $ 178,000 $ 90,000 203,000 106,500 31,800 26,400 94,500 92,500 C D E 98,500 76,000
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