Financial statement category and relationships: find amounts
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"Indicate in the space provided the category of each item and the financial
statement on which the item can usually be found." Category
Description: Category Financial Statement Asset (A)
Accumulated Depreciation Liability (L)
Long term Debt Owners' Equity (OE)
Equipment Revenue {R}
Loss on sale of short term investments Expense (E)
Net Income Gain (G)
Merchandise inventory Loss (LS)
Other accrued liabilities
Dividends Paid
Cost of Goods sold
Additional paid in capital
Interest Income
Calculate missing amounts for each firm.
Firm A Firm B Firm C
Total assets, 12/31/10 ................................................ ? $435,000 $155,000
Total Liabilities, 12/31/10 ......................................... $80,000 ? 75,000
Paid-in capital, 12/31/10 ........................................... 55,000 59,000 45,000
Retained Earnings, 12/31/10 .................................... ? 186,000 ?
Net income for 2010 .................................................. 68,000 110,000 25,500
Dividents declared and paid during 2010.............. 12,000 ? 16,500
Retained earnings, 1/1/10 ........................................ 50,000 124,000 ?
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Solution Summary
The financial statement category and relationships are examined. The expert finds the missing amounts.
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