Determine the amounts of the missing items, identifying them by letter. (Suggestion: First determine… 1 answer below »
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One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, I, II, III, and IV.
I
II
III
IV
Beginning of the year:
Assets
$400,000
$ 95,000
$100,000
(d)
Liabilities
260,000
45,000
80,000
$150,000
End of the year:
Assets
900,000
125,000
120,000
310,000
Liabilities
500,000
35,000
105,000
170,000
During the year:
Additional issue of
capital stock
(a)
22,000
10,000
50,000
Dividends
40,000
8,000
(c)
75,000
Revenue
250,000
(b)
175,000
140,000
Expenses
180,000
52,000
177,000
160,000
Determine the amounts of the missing items, identifying them by letter. (Suggestion: First determine the amount of increase or decrease in stockholders’ equity during the year.)
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