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Chapter 15, Problem 1A 7 Bookmarks Show all steps: ON

Introduction to Management Accounting (16th Edition)

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Balance Sheet Equation

For each of the following independent cases, compute the amounts (in thousands) for the items Continue to post
indicated by letters, and show your supporting computations:
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Case

1 2 3 My Textbook Solutions

Revenues $140 $ K $300

Expenses 120 170 270

Introduction Fundamental College
to... Financial... Accounting
16th Edition 8th Edition 22nd Edition
Dividends declared 0 5 Q
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Additional investment by stockholders 0 30 35

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Net income E 20 P who can help right now

Retained earnings Edward

McGill University 1868

 Beginning of year 40 55 90 Tihamiyou

University of Oreg… 173

 End of year D J 110

Abdul
Sabanci University 765

Paid-in capital
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 Beginning of year 25 10 N

 End of year C H 85

Total assets

 Beginning of year 80 F L

 End of year 90 275 M

Total liabilities

 Beginning of year A 90 105

 End of year B G 95

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Step-by-step solution

Chapter 15, Problem 1A 7 Bookmarks Show all steps: ON

Step 1 of 4

Income Statement: It is also known as “Profit and Loss statement” or “Revenue statement” or
“Operating statement”. It is the financial statement of company which provide the information
about revenues and expenses of specific period.

It computes the net profit or net loss of company for a particular period and represents the
financial performance of the company.

Balance sheet: It is the financial statement which includes the assets, liabilities and equity of
business at a particular time. It identifies the financial position of company.

Retained earnings: It is the ratio of net income which is kept by company for future investment
or expansion purpose. It is part of shareholder’s equity.

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Step 2 of 4

There are three different cases are given which have different values of revenues, expenses, net
income, assets and liabilities.

It is required to compute the values of net income, retained earnings, liabilities, revenues, paid-in
capital, assets and dividend for case1, case2 and case 3 that is shown below:

Step 1: The formulas for calculating the values are shown in below spreadsheet:

The formulas using in EXCEL are mentioned in below equations:

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Chapter 15, Problem 1A 7 Bookmarks Show all steps: ON

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Step 3 of 4

Step 2: The outcome of above table is shown in below table of spreadsheet:

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Step 4 of 4

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