Missing Values
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I was able to calculate the other values, but I am unable to find Total Assets: Beginning of year, and Total Liabilities: end of year. Please explain how to find those values.
Additional investments made by shareholders during the year $4,000
Revenues 22,900
Expenses 17,900
Net income 5000
Dividends declared 700
Total assets:
Beginning of year: __________
End of year: 28000
Total liabilities:
Beginning of year: 8300
End of year:__________
Share capital:
Beginning of year 1000
End of year 5000
Retained earnings:
Beginning of year: 6700
End of year: 11000
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Solution Summary
The solution explains how to calculate the missing values relating to assets, liabilities and equity. Financial statements are analyzed.
Solution Preview
Using the accounting equation
Total assets = total liabilities + equity
Total assets beginning of year = Total ...
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