Exercise 1-16 The summaries of data from the balance sheet, income statement, an

Question

Exercise 1-16 The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented below for 2017. Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings. Walco Corporation Gunther Enterprises Beginning of year $110,000 $150,000 Total assets Total liabilities Total stockholders' equity 70,000 $ 70,000 End of year 180,000 Total assets Total liabilities Total stockholders' equity 120,000 55,000 60,000 4 Changes during year in retained earnings 5,000 Dividends Total revenues Total expenses 215,000 165,000 80,000

Explanation / Answer

Fill missing amount :

Walco corporation Gunther Enterprises Beginning of year Total assets 110000 150000 Total liabilities 70000 d) 80000 Total stockholder's equity a) 40000 70000 End of year Total assets b) 180000 180000 Total liabilities 120000 55000 Total stockholder's equity 60000 e) 125000 Change during year in retained earnings Dividends c) 30000 5000 Total revenue 215000 f) 140000 Total expenses 165000 80000

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