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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Problem 1-57B The Fundamental Accounting Equation

Information for TTL Inc. is given below.

Chapter 1, Problem 57BPSB, Problem 1-57B The Fundamental Accounting Equation Information for TTL Inc. is given below. Required:

Required:

Use the relationships in the balance sheep income statement, and retained earnings statement to determine the missing values.

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

Balance Sheet: The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.

Income Statement:

Income Statement is the part of the financial statement which is prepared to calculate the net income earned by the organization. In the income statement, all expenses are subtracted from the revenues to calculate the net income. It is prepared for a particular period.

To calculate:

The missing amounts.

Explanation

The missing amounts are calculated as follows:

    TTL Inc.
    Total Liabilities at the beginning of the year (A) $ 368,200
    Equity at the beginning of the year (B) $ 272,900
    Total Assets at the beginning of the year (C) =(A+B)$ 641,100 (a)
    Revenue (D) $ 929,440

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