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edugen.wileyplus.com lus Yahoo Search Resuts Yahoo Search Resuts WleyPLU PLUS Kimmel, Accounting, e INTRODUCTORY ACCO ,Study &Practice; Gradebook ORION Downloadable eTextbook Open Assignment RESOURCES tra Credit Exercise 201 One item is omitted in each of the following summaries of balance sheet and reme statement data fr rree dinerent corporatom. Determine the amounts of the missing tems rcise 252 rdse 213 Beginning of the Year: $410,000 150,000 $199,000 50,000 115,000 66,000 End of the Year 460,000 195,000 205,000 95,000 169,000 During the Year: Additional Investment by stockholders 79,000 78,000 esults by StudyDividends 70,000 83,000 187,000 155,000 13000 183,000 Question Attempts: 0 of 1 used SAVE FOR L B0 p 3 4 5 7 8Explanation / Answer
Solution:
Corporation A
50,000
Corporation B
182,000
Corporation C
79,000
Working:
Corporation A
Beginning stockholders’ equity ($410,000 - $250,000)
160,000
Additional investments ($180,000 + $70,000 - $160,000 - $40,000)
50,000
Net income for year ($195,000 - $155,000)
40,000
250,000
Minus: Dividends
70,000
Ending stockholders’ equity ($460,000 - $280,000)
180,000
Corporation B
Beginning stockholders’ equity ($150,000 - $115,000)
35,000
Additional investments
79,000
Net income for year ($183,000 - $35,000 - $79,000)
69,000
Revenues = $182,000 ($113,000 + $69,000)
183,000
Minus: Dividends
83,000
Ending stockholders’ equity ($195,000 - $95,000)
100,000
Corporation C
Beginning stockholders’ equity ($199,000 - $166,000)
33,000
Additional investments
78,000
Net income for year ($187,000 - $183,000)
4,000
115,000
Minus: Dividends
79,000
Ending stockholders’ equity ($205,000 - $169,000)
36,000
Corporation A
50,000
Corporation B
182,000
Corporation C
79,000
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