Solution-Determine the missing amounts

Determine the missing amounts

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Question - 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.

	Walco Corporation	Gunther Enterprises
Beginning of year
Total assets	$120,000	$144,000
Total liabilities	62,000	$
Total stockholders' equity	$	75,000
End of year
Total assets	$	178,000
Total liabilities	129,000	51,000
Total stockholders' equity	51,100	$
Changes during year in retained earnings
Dividends	$	5,400
Total revenue	219,000	$
Total expenses	160,000	82,000

Required - Determine the missing amounts. Assume all changes in stockholders equity are due to changes in retained earnings.

Reference no: EM132220462

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Determine the missing amounts

Reference no: EM132220462

Reference no: EM132220462

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