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Review the chapter explanations of the income statement andthe balance sheet equations. Apply these equations in each independent case to compute the two missing amounts for each case. Assume that it is the end of 2006, the first full year of operations for the company. (Hint: Organize the listeditems as they are presented in the balance sheet and income statement equations and then compute the missing amounts.)
Independent Cases
Total Revenues
Total Expenses
Net Income (Loss)
Total Assets
'rota! Liabilities
Stockholders' Equity
A
$100.000
$75,000
$
$150,000
$70,000
B
80,000
12,000
112.000
60,000
C
80.000
85.000
104.000
26.000
D)
50.000
13,000
22,000
77,000
E
81,000
6.000
73,000
28,000
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