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E1-8 Inferring Values Using the Income Statement and Balance Sheet Equations Review the chapter explanations...

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E1-8 Inferring Values Using the Income Statement and Balance Sheet Equations Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each of the following independent cases to compute the two missing amounts for each case. Assume that it is the end of the first full year of operations for the company. TIP: First identify the numerical relations among the columns using the balance sheet and income statement equations. Then compute the missing amounts. Independent Total Total Net Income Total Total Stockholders' Cases Revenues Expenses (Loss) Assets Liabilities Equity A $110,000 $82,000 $150,000 $70,000 80,000 12,000 112,000 70,000 80,000 86,000 104,000 26,000 D 50,000 20,000 22,000 77,000 E 81,000 (6,000) 73,000 28,000 B

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