Accounting equation : Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows: Assets = Liabilities + Equity To Calculate: The missing amounts

Question

Missing amounts from balance sheet and income statement data One item is omitted im each of the following summaries of balance sheet and income statement data for the following four different corporations: Detremine the missing amounts, identifying them by letter.( Hint:first determine the amount of increase or decrease in stockholder's equity during the year.)

Answer 1

Question

Chapter 1, Problem 1.15E

To determine

Concept Introduction:

Accounting equation:

Accounting equation represents the mathematical relationship between assets, liabilities and equity. According to this equation, assets are equal to the sum of liabilities and equity. The formal for basic accounting equation is as follows:

Assets = Liabilities + Equity

To Calculate:

The missing amounts

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Missing amounts from balance sheet and income statement data One item is omitted im each of the following summaries of balance sheet and income statement data for the following four different corporations: Detremine the missing amounts, identifying them by letter.( Hint:first determine the amount of increase or decrease in stockholder's equity during the year.)

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Four different corporations, Cancer, Libra, Sagittarius, and Virgo, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity. The data is, total assets at the begining of the year $104,500 and the total liabilities at the begining of the year are $41,800. The end of the year total assets are $167,200 and the total liabilities are $70,200. Cancer: no additional common stock was issued, and no dividends were paid Libra: no additional common stock was issued, but dividends of $8,200 were paid Sagittarius: additional common stock of $24,600 was issued, but no dividends were paid Virgo: additional common stock of $35,300 was issued, and dividends of $7,500 were paid I need to find the net income for each.