FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**Missing Amounts from Balance Sheet and Income Statement Data**

One item is omitted in each of the summaries of the balance sheet and income statement data for the following four corporations. Determine the missing amounts.

*Hint*: First, determine the amount of increase or decrease in stockholders' equity during the year.

---

**Freeman Corporation**

- **Beginning of the year:**
  - Assets: $900,000
  - Liabilities: $360,000
- **End of the year:**
  - Assets: $1,260,000
  - Liabilities: $330,000
- **During the year:**
  - Additional common stock issued: $135,000
  - Dividends: $75,000
  - Revenue: $570,000
  - Expenses: $240,000

---

**Heyward Corporation**

- **Beginning of the year:**
  - Assets: $490,000
  - Liabilities: $260,000
- **End of the year:**
  - Assets: $675,000
  - Liabilities: $220,000
- **During the year:**
  - Additional common stock issued: $150,000
  - Dividends: $32,000
  - Revenue: *Missing Value*
  - Expenses: $128,000

---

**Jones Corporation**

- **Beginning of the year:**
  - Assets: $115,000
  - Liabilities: $81,000
- **End of the year:**
  - Assets: $100,000
  - Liabilities: $80,000
- **During the year:**
  - Additional common stock issued: $10,000
  - Dividends: *Missing Value*
  - Revenue: $115,000
  - Expenses: $122,500

---

**Ramirez Corporation**

- **Beginning of the year:**
  - Assets: *Missing Value*
  - Liabilities: $120,000
- **End of the year:**
  - Assets: $270,000
  - Liabilities: $136,000
- **During the year:**
  - Additional common stock issued: $55,000
  - Dividends: $39,000
  - Revenue: *Missing Value*
  - Expenses: $128,000

---

**Notes:**
- Checkmarks (✓
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Transcribed Image Text:**Missing Amounts from Balance Sheet and Income Statement Data** One item is omitted in each of the summaries of the balance sheet and income statement data for the following four corporations. Determine the missing amounts. *Hint*: First, determine the amount of increase or decrease in stockholders' equity during the year. --- **Freeman Corporation** - **Beginning of the year:** - Assets: $900,000 - Liabilities: $360,000 - **End of the year:** - Assets: $1,260,000 - Liabilities: $330,000 - **During the year:** - Additional common stock issued: $135,000 - Dividends: $75,000 - Revenue: $570,000 - Expenses: $240,000 --- **Heyward Corporation** - **Beginning of the year:** - Assets: $490,000 - Liabilities: $260,000 - **End of the year:** - Assets: $675,000 - Liabilities: $220,000 - **During the year:** - Additional common stock issued: $150,000 - Dividends: $32,000 - Revenue: *Missing Value* - Expenses: $128,000 --- **Jones Corporation** - **Beginning of the year:** - Assets: $115,000 - Liabilities: $81,000 - **End of the year:** - Assets: $100,000 - Liabilities: $80,000 - **During the year:** - Additional common stock issued: $10,000 - Dividends: *Missing Value* - Revenue: $115,000 - Expenses: $122,500 --- **Ramirez Corporation** - **Beginning of the year:** - Assets: *Missing Value* - Liabilities: $120,000 - **End of the year:** - Assets: $270,000 - Liabilities: $136,000 - **During the year:** - Additional common stock issued: $55,000 - Dividends: $39,000 - Revenue: *Missing Value* - Expenses: $128,000 --- **Notes:** - Checkmarks (✓
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