The following incomplete financial statements are for JTC En

The following incomplete financial statements are for JTC Enterprises Inc JTC ENTERPRISES INC Income Statement Year Ended December 31, 2018 Revenues . $1,250,000 Expenses Salaries expense Administrative expense:s Interest expense Rent expense 680,000 250,000 45,000 18,000 Total expenses Net income JTC ENTERPRISES INC Statement of Changes in Equity Year Ended December 31, 2018 Total shareholders\' equity, beginning of year Common shares, beginning of year Issue of shares Common shares, end of year Retained earnings, beginning of year Net income Dividends declared Retained earnings, end of year Total shareholders\' equity, end of year 250,000 475,000 58,000 785,000

Solution

A) Total expenses = (680000+250000+45000+18000) = 993000

b) Net income = (1250000-993000) = 257000

C) Common share beginning of the year = 475000-250000 = 225000

d) Retained earnings, beginning of year = 811000-225000 = 586000

e) Net income= 257000

f) Total shareholder\'s equity end of the year = 586000+257000-58000 = 785000+475000 = 1260000

g) Total assets = 1260000+1785000 = 3045000

h) Total shareholder\'s equity = 1260000

i) Total liabilities and shareholder\'s equity = 1260000+1785000 = 3045000