Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 591

Financial Statements

Chapter 18

Student Assignment

Computing Missing Amounts

Review the chapter explanations of the income statement and the balance sheet. Apply this information to

compute the missing amounts for each case.

Hint: Organize the listed items as they are presented in the balance sheet and income statement equations,

and then compute the missing amounts.

Number Total

Revenues

Total

Expenses

Net

Income

(Loss)

Total

Assets

Total

Liabilities

Owner’s

Equity

1 $100,000 $75,000 $150,000 $70,000

2 80,000 $12,000 112,000 $60,000

3 80,000 85,000 104,000 26,000

4 50,000 13,000 22,000 77,000

5 81,000 6,000 73,000 28,000

18.5.3