Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement. Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders ( stockholders’ equity ) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity . To Determine: The missing amount in the given statements.

Question

Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Heyward Beginning of the year: Assets Liabilities End of the year: Assets Liabilities During the year: Additional issuance of capital stock Dividends Revenue Expenses Freeman $204,900 122,900 254,100 110,600 14,300 67,600 36,900 $239,700 124,600 335,600 105,500 47,900 14,400 62,300 Jones $90,200 68,600 81,200 72,200 9,000 103,700 110,900 Ramirez $112,500 232,500 127,500 37,500 55,000 105,000 120,000

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Chapter 1, Problem 1.20EX

To determine

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

To Determine: The missing amount in the given statements.

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Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts. Hint: First determine the amount of increase or decrease in stockholders' equity during the year. Heyward Beginning of the year: Assets Liabilities End of the year: Assets Liabilities During the year: Additional issuance of capital stock Dividends Revenue Expenses Freeman $204,900 122,900 254,100 110,600 14,300 67,600 36,900 $239,700 124,600 335,600 105,500 47,900 14,400 62,300 Jones $90,200 68,600 81,200 72,200 9,000 103,700 110,900 Ramirez $112,500 232,500 127,500 37,500 55,000 105,000 120,000

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