Missing Amounts
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Problem P1-5A
Instructions:
Determine the missing amounts within the four different companies' financial information as follows:
(a)
Jan 01, 02 Judd Company Hefel Company Marpe Company Morgan Company
Assets 92,000 110,000 (g) 160,000
Liabilities 50,000 (d) 75,000 (j)
Stockholders' equity (a) 60,000 57,000 90,000
Dec 31, 02
Assets (b) 150,000 200,000 (k)
Liabilities 55,000 68,000 (h) 80,000
Stockholders' equity 58,000 (e) 130,000 162,000
Stockholders' equity
changes in year:
Add'l investments (c) 12,000 10,000 15,000
Dividends 25,000 (f) 14,000 20,000
Total revenues 347,000 420,000 (i) 530,000
Total expenses 320,000 385,000 350,000 (l)
(a) Formula (g) Formula
(b) Formula (h) Formula
(c) Formula (i) Formula
(d) Formula (j) Formula
(e) Formula (k) Formula
(f) Formula (l) Formula
(b) Prepare the retained earnings statement for Judd Company. Assume that the beginning
balance of retained earnings was zero.
JUDD COMPANY
Retained Earnings Statement
For the Month Ended December 31, 2002
Retained earnings, January 1
Add: Net income Value
Formula
Less: Dividends Value
Retained earnings, December 31 Formula
(c) Write a memorandum explaining the sequence for preparing financial statements and
the interrelationship of the retained earnings statement to the income statement and
the balance sheet.
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Solution Summary
The solution explains how to calculate the missing amounts using the accounting equation.
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