Question

One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Carbon Krypton Fluorine RadiumBeginning of the year:Assets $333,000 $250,000 $100,000 $ Liabilities 118,000 130,000 76,000 120,000 End of the year:Assets 495,000 350,000 90,000 248,000 Liabilities 160,000 110,000 80,000 136,000 During the year:Additional issuance of capital stock 50,000 10,000 40,000 Dividends 7,500 16,000 60,000 Revenue 90,000 115,000 112,000 Expenses 39,000 64,000 122,500 128,000

Answer 1

Answer:

                                                        Carbon      Krypton    Fluorine    Radium

Beginning of the year:

Assets                                         $333,000  $250,000 $100,000 $268,000

Liabilities                                         118,000     130,000     76,000    120,000

Equity at the beginning             $215,000   $120,000  $24,000 $148,000

End of the year:Assets                495,000     350,000    90,000   248,000

Liabilities                                       160,000      110,000     80,000    136,000

Equity at the end of the year   $335,000  $240,000   $10,000  $112,000

During the year:

Additional capital stock                76,500      50,000      10,000       40,000

Dividends                                        7,500       16,000      16,500       60,000

Revenue                                       90,000    150,000     115,000       112,000

Expenses                                      39,000      64,000    122,500      128,000

Net income                                 $51,000   $86,000    ($7,500)    ($16,000)

Explanation:

a) Data and Calculations:

                                                        Carbon      Krypton    Fluorine    Radium

Beginning of the year:

Assets                                         $333,000  $250,000 $100,000 $268,000

Liabilities                                         118,000     130,000     76,000    120,000

Equity at the beginning             $215,000   $120,000  $24,000 $148,000

End of the year:Assets                495,000     350,000    90,000   248,000

Liabilities                                       160,000      110,000     80,000    136,000

Equity at the end of the year   $335,000  $240,000   $10,000  $112,000

During the year:

Additional capital stock                 76,500      50,000     10,000      40,000

Dividends                                         7,500       16,000     16,500      60,000

Revenue                                        90,000    150,000    115,000      112,000

Expenses                                      39,000      64,000   122,500     128,000

Net income                                 $51,000    $86,000   ($7,500)  ($16,000)

Formulas for finding the missing items:

1. Equity at the end = Equity at the beginning + Additional capital + Net Income - Dividends

2. Net Income = Revenue - Expenses

3. Equity = Assets - Liabilities