The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations,
Question:
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented as follows for 2017.
Instructions
Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings.
Transcribed Image Text:
Walco Corporation Gunther Enterprises Beginning of year Total assets Total liabilities Total stockholders' equity $110,000 $150,00o 70,000 70,000 End of year Total assets Total liabilities Total stockholders' equity 180,00o 120,000 55,000 60,000 Changes during year in retained earnings Dividends Total revenues Total expenses 5,000 215,000 165,000 80,000
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