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For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and...

For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and (b).

(1)

(2)

Beginning:

Assets

$42,000

$61,000

Liabilities

18,000

24,000

Ending:

Assets

48,000

68,000

Liabilities

15,000

(b)

During the year:

Stock issued

(a)

4,000

Revenues

28,000

45,000

Dividends paid

5,000

3,000

Expenses

16,000

37,000

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Answer #1

A) $ 2,000

B) $ 22,000

Working:

A. Ending Equity = Beginning Equity + Stock Issued + Revenue - Expenses -Dividends Paid

[48000-15000] = [42000-18000] + Stock Issued + 28000 - 16000 - 5000

33000 = 31000 + Stock Issued

Stock Issued = $ 2000 [33000-31000]

B. Ending Liabilities = Ending Assets - Ending Equity

Ending Liabilities = 68000 -{ [Beginning Equity + Stock Issued + Revenue - Expenses -Dividends Paid ]

Ending Liabilities = 68000 -{ [61000-24000] + 4000+45000-37000-3000]}

Ending Liabilities = 68000 -46000 = 22000

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