Review the chapter explanations of the income statement and the balance sheet equations. Apply these...
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Accounting
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 (Loss amounts should be indicated with a minus sign.) TIP: First identify the numerical relations among the columns using the balance sheet and income statement equations. Then compute the missing amounts Net Income (Loss) Stockholders Equity Independent Cases B D Total Total Revenues Expenses $ 132,000 $ 93.000 91,000 91.000 102,500 61,000 92,000 17.500 Total Total Assets Liabilities $ 172,000 $ 81.000 134,000 126,000 37.000 33,000 84.000 81,000 25,500 (6.500) 38,000 39,000 E
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