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Each of the following independent situations represents amounts shown on the four basic financial statements
Each of the following independent situations represents amounts shown on the four basic financial statements. Fill in the formulas and missing blanks using your knowledge of amounts that appear on the financial statements.
1. Revenues = $23,600; Expenses = $16,300; Net income = ____________.
2. Increase in stockholders' equity = $15,000; Issuance of common stock = $12,000; Net income = $10,300; Dividends = ____________.
3. Assets = $22,200; Stockholders' equity = $16,000; Liabilities = ____________.
4. Total change in cash = $22,600; Net operating cash flows = $30,600; Net investing cash flows = ($13,600); Net financing cash flows = ____________.
Expert Solution
1.)
Net income= Revenue- Expenses
= 23600-16300
= 7300
2.)
Change in stockholder's equity = Issue of common stock + Net income - Dividends
$15,000 = $12,000 + $10,300 - Dividends
Dividends = $22,300 - $15,000
= $7,300
3.)
Assets = Liabilities + Stockholder's equity
$22,200 = Liabilities + $16,000
Liabilities = $6,200
4.)
Total change in cash = Operating cash flow + Investing cash flow + Financing cash flow
$22,600 = $30,600 - $13,600 +Financing cash flow
Net financing cash flow = $5,600
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