A company had the following account balances at the end of its first year of operations. Find the missing amounts.
Net Income | 560 | Common Stock | 1,600 |
Accounts Payable | 500 | Retained Earnings | 550 |
Inventory | ? | Revenue | ? |
Equipment | 1,200 | Expenses | 1,760 |
Accounts receivable | 700 | Cash | 1,000 |
Dividends | ? | Wages Payable | 900 |
Click Here to View All Topic 1 Problems at Once | View | ||
1 | Matching Basic Vocabulary | Easy | |
2 | Account Classifications | Moderate | |
3 | Solving for Net Income | Moderate | |
4 |
Tying the Statements Together
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Moderate | |
5 | Solving for Retained Earnings | Hard |
1 | The Accounting Equation | 3:02 | |
2 | Assets vs Liabilities | 5:32 | |
3 | Shareholder's Equity | 5:26 | |
4 | The Balance Sheet | 5:52 | |
5 | The Statement of Retained Earnings | 5:51 | |
6 | The Income Statement | 6:19 | |
7 | The Statement of Cash Flows | 6:02 | |
8 | How the Statements Work Together | 9:02 |
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