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 eamings 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. Beginning of year Walco Corporation $109,000 79,000 Gunther Enter Total assets $143,000 Total liabilities Total stockholders' equity 71,600 End of year 171,000 Total assets Total liabilities Total stockholders' equity 114,000 54,400 55,000 Changes during year in retained earnings Dividends 6,000 Total revenues 210,000 Total expenses 165,000 78,000

Explanation / Answer

a $    30,000 =109000-79000 b $ 168,400 =114000+54400 c $    20,600 =210000-165000-(54400-30000) d $    71,400 =143000-71600 e $ 116,000 =171000-55000 f $ 128,400 =6000+78000+(116000-71600)

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