FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![This table presents data for a company's first full year of operations and lists revenue, expenses, net income (or loss), assets, liabilities, and stockholders' equity for five independent cases labeled A through E. Two values are missing for each case and should be calculated following the given instructions.
### Table: Financial Data for Independent Cases
| Cases | Total Revenues | Total Expenses | Net Income (Loss) | Total Assets | Total Liabilities | Stockholders' Equity |
|--------|-----------------|----------------|-------------------|--------------|-------------------|----------------------|
| A | $245,300 | $198,200 | $31,420 | $256,500 | $76,500 | |
| B | | $178,000 | | $593,000 | | $352,100 |
| C | $76,500 | $93,390 | | $263,400 | | $192,260 |
| D | $38,840 | | $11,340 | | $191,930 | $99,025 |
| E | $227,130 | $211,000 | | | $175,350 | $361,600 |
**Instructions:**
1. Compute the two missing amounts for each case.
2. Note that loss amounts should be indicated with a minus sign.
**Detailed Explanation:**
- **Case A**:
- **Stockholders' Equity**: Calculate by using the formula \[ \text{Stockholders' Equity} = \text{Total Assets} - \text{Total Liabilities} \]
- **Case B**:
- **Total Revenues**: Calculate by rearranging the accounting equation for net income:
\[ \text{Net Income} = \text{Total Revenues} - \text{Total Expenses} \]
- **Total Liabilities**: Using the accounting equation:
\[ \text{Total Assets} = \text{Total Liabilities} + \text{Stockholders' Equity} \]
- **Case C**:
- **Net Income (Loss)**: Calculate by using \[ \text{Net Income} = \text{Total Revenues} - \text{Total Expenses} \]
- **Total Liabilities**: Similar approach as in Case B using](https://content.bartleby.com/qna-images/question/2cc252ba-0a9a-47d1-a55e-68b3c3895ea6/0375982e-0a5a-4ce2-b085-d95c73b2f93e/ztoixa_processed.jpeg)
Transcribed Image Text:This table presents data for a company's first full year of operations and lists revenue, expenses, net income (or loss), assets, liabilities, and stockholders' equity for five independent cases labeled A through E. Two values are missing for each case and should be calculated following the given instructions.
### Table: Financial Data for Independent Cases
| Cases | Total Revenues | Total Expenses | Net Income (Loss) | Total Assets | Total Liabilities | Stockholders' Equity |
|--------|-----------------|----------------|-------------------|--------------|-------------------|----------------------|
| A | $245,300 | $198,200 | $31,420 | $256,500 | $76,500 | |
| B | | $178,000 | | $593,000 | | $352,100 |
| C | $76,500 | $93,390 | | $263,400 | | $192,260 |
| D | $38,840 | | $11,340 | | $191,930 | $99,025 |
| E | $227,130 | $211,000 | | | $175,350 | $361,600 |
**Instructions:**
1. Compute the two missing amounts for each case.
2. Note that loss amounts should be indicated with a minus sign.
**Detailed Explanation:**
- **Case A**:
- **Stockholders' Equity**: Calculate by using the formula \[ \text{Stockholders' Equity} = \text{Total Assets} - \text{Total Liabilities} \]
- **Case B**:
- **Total Revenues**: Calculate by rearranging the accounting equation for net income:
\[ \text{Net Income} = \text{Total Revenues} - \text{Total Expenses} \]
- **Total Liabilities**: Using the accounting equation:
\[ \text{Total Assets} = \text{Total Liabilities} + \text{Stockholders' Equity} \]
- **Case C**:
- **Net Income (Loss)**: Calculate by using \[ \text{Net Income} = \text{Total Revenues} - \text{Total Expenses} \]
- **Total Liabilities**: Similar approach as in Case B using
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