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Comments This is an example of balance sheet results after the accounting system has recorded...

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Accounting

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This is an example of balance sheet results after the accounting system has recorded all of the events.
Each balance sheet must conform to the accounting basic equation,
Assets = Liabilities + Shareholders' Equity
While the figures are jumbled in the problem statement, the balance sheet for each year would be
organized like this:
Common Stock , XXX
Additional Paid in Cap XXX
Total Contributed Cap XXX
Retained Earnings ,xxx
Total Shareholders E XXX
Total Assets = Total L and SE = XXX = Total Liabilities + Total Shareholders E
Balance Sheets are connected from year to year with Retained Earnings. We usually state that the
Balance Sheets "articulate."
Retained Earnings (beginning of year)+ Net Income - Dividends = Retained Earnings (end of year)
For the exam, you should know how the amounts, like Common Stock and Additional Paid in Capital,
add up to the totals. In this case, Common Stock and Additional Paid in Cap add to Total Contributed
Capital
Balance Sheets
Following is selected information from the balance sheet for Flaps Inc.
Required
Solve for the missing amounts for each of the five years.
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