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The information is provided in a table for Alpha Company and Bravo Company
The information is provided in a table for Alpha Company and Bravo Company.
| Alpha Company | Bravo Company | |
| Balance 12/31/15 | ||
| Assets | $60,000 | |
| Liabilities | $15,000 | |
| Equity | 43,600 | 32,000 |
| Balance 12/31/16 | ||
| Assets | 70,000 | |
| Liabilities | 18,400 | 20,000 |
| Equity | 90,000 | 50,000 |
| During the Year: | ||
| Additional Stock Issued | 10,000 | |
| Dividends paid to shareholders | 3,000 | 5,000 |
| Revenue | 95,000 | |
| Expenses | 59,000 | 60,000 |
What are the amounts for each of the following missing items?
1. Alpha Company's 12/31/15 Liabilities
2. Alpha Company's 12/31/16 Assets
3. Alpha Company's 12/31/16 Additional Stock Issued
4. Bravo Company's 12/31/15 Assets
5. Bravo Company's 12/31/16 Revenues
Expert Solution
1. Alpha Company's 12/31/15 Liabilities
| Assets | 60,000 |
| Equity | -43,600 |
| Liabilities | 16,400 |
2. Alpha Company's 12/31/16 Assets
| Liabilities | 18,400 |
| Equity | 90,000 |
| Assets | 108,400 |
3. Alpha Company's 12/31/16 Additional Stock Issued
| Revenue | 95,000 |
| Expenses | -59,000 |
| Net Income | 36,000 |
| Dividends | -3,000 |
| Retained Earnings | 33,000 |
| Beginning Balance, Equity | 43,600 |
| Total | 76,600 |
| Ending Balance of Equity | 90,000 |
| Stocks Issued in 2016 | 13,400 |
4. Bravo Company's 12/31/15 Assets
| Liabilities | 15,000 |
| Equity | 32,000 |
| Assets | 47,000 |
5. Bravo Company's 12/31/16 Revenues
| Ending Equity | 50,000 |
| Beginning Equity | -32,000 |
| Change in Equity | 18,000 |
| Dividends | 5,000 |
| Expenses | 60,000 |
| Revenues | 83,000 |
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