Exercise 116 The summaries of data from the balance sheet in

Exercise 1-16 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. Determine the missing amounts. Assume all changes in stockholders\' equity are due to changes in retained earnings. Walco Corporation Gunther Enterprises Beginning of year $110,000 $150,000 Total assets Total liabilities Total stockholders\' equity 70,000 $ 70,000 End of year 180,000 Total assets Total liabilities Total stockholders\' equity 120,000 55,000 60,000 4 Changes during year in retained earnings 5,000 Dividends Total revenues Total expenses 215,000 165,000 80,000

Solution

Fill missing amount :

	Walco corporation	Gunther Enterprises
Beginning of year
Total assets	110000	150000
Total liabilities	70000	d) 80000
Total stockholder\'s equity	a) 40000	70000
End of year
Total assets	b) 180000	180000
Total liabilities	120000	55000
Total stockholder\'s equity	60000	e) 125000
Change during year in retained earnings
Dividends	c) 30000	5000
Total revenue	215000	f) 140000
Total expenses	165000	80000