M113 Relationships among Financial Statements LO 12 Items fr

M1-13 Relationships among Financial Statements [LO 1-2] Items from the income statement, statement of retained earnings, and balance sheet are listed below in alphabetical order. For the companies shown in each column, solve for the missing amounts. Weil, Inc Simon, Inc. Kealy Corp 34 $ Common Stock 25 $ Dividends 2 Net Income Retained Earnings, Beginning of Year Retained Earnings, End of Year Total Assets Total Expenses 35 36 42 67 43 97 36 28 61 49 29 76 Total Liabilities Total Revenues

Solution

Well Inc.,

Total assets = Total liabilities , So Total assets is = 43

Net income is = Revenue - Expenses = 97-67 = 30

Retained earnings , end of year is = Beggining + Net income- dividens = 35+30-0 = 65

For Simon inc.,

Using the above formulas , Total assets is = 28

Net income is = 61-36 = 25

Retained earnings at the end of year is = 36+25-0 = 61

For kealy corporation :-

Total assets is = 29

Net income = 76-49 = 27

Retained earnings at the end of year is = 42+27-2 = 67.