Question

Each of the following independent companies is missing numerical data. Required: Use your knowledge of the financial statement equations and their interrelationships to fill in the missing amounts. Company Total Revenues 61.800 Total Expenses Total Assets Net Income (Loss) 20.900 (26,400) Total Liabilities $ 34,800 Stockholders' Equity $ 67,800 39.800 Vanilla Co Chocolate, Inc Strawberry Co 109,000 10,900 133,600 61.800 31,800 40.900

Answer 1

Vanilla Co.:

Total expenses = Total revenues - Net income

Total expenses = $61,800 - 20,900 = $40,900

Total assets = Total liabilities + Stockholders equity

Total assets = $34,800 + 67,800 = $102,600

Chocolate Inc.:

Total revenues = Total expenses - Net loss

Total revenues = $109,000 - 25,400 = $83,600

Total liabilities = Total assets - Stockholders equity

Total liabilities = $133,600 - 39,800 = $93,800

Strawberry Co.:

Net income = Total revenue - Total expenses

Net income = $31,800 - 10,900 = $20,900

Stockholders equity = Total assets - Total liabilities

Stockholders equity = $61,800 - 40,900 = $20,900