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How to calculate missing amounts on balance sheets and income statements?

How to calculate missing amounts on balance sheets and income statements? Topic: Mba statement
June 25, 2019 / By Ascelina
Question: The information presented here represents selected data from the December 31, 2013, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm. Firm A Firm B Firm C Total assets, 12/31/2013 $412,000 532,000 324,000 Total Liabilities12/31/2013 215,000 138,000 ? Paid in Capital 12/31/2013 87,000 ? 37,000 Retained Earnings12/31/2013 ? 319,000 ? Net Income for 2013 ? 88,000 111,000 Dividends declared& paid during 2013 56,000 17,000 58,000 Retained Earnings, 1/11/2013 86,000 ? 43,000 I JUST STARTED MY MBA AND TRANSITIONING FROM SOCIAL WORK. PLEASE PROVIDE STEP BY STEP DIRECTIONS ON FORMULAS AND HOW ITS CALCULATED, SO THAT I CAN COMPLETE FUTURE QUESTIONS LIKE THIS INDEPENDENTLY. THANKS I APPRECIATE IT
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Best Answers: How to calculate missing amounts on balance sheets and income statements?

Zefania Zefania | 6 days ago
Firm A Firm B Firm C Total assets, 12/31/2013 .......$412,000 ......532,000 ...324,000 Total Liabilities12/31/2013 .......215,000 ......138,000 ...176,000* Paid in Capital 12/31/2013 .........87,000 ........85,000** ...37,000 Retained Earnings12/31/2013 ..110,000*** .319,000 .....96,000**** Net Income for 2013 ........ ...... ....80,000*****. 88,000 ...111,000 Dividends d& paid during 2013 ..56,000 ...... ..17,000 .....58,000 Retained Earnings, 1/11/2013 ....86,000 ........17,000 .....43,000 *$324,000 - 37,000 - 111,000 = $176,000 **$532,000 - 145,000 - 302,000 = $85,000 ***$412,000 - 215,000 - 87,000 = $110,000 ****$111,000 + 43,000 - 58,000 = $96,000 *****$110,000 + 56,000 - 86,000 = $80,000
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We found more questions related to the topic: Mba statement


Zefania Originally Answered: Help with accounting homework re balance sheet and income statement?
You need to go the companies investor relations page. Try Coke, see link below (go to item 8 - Financial Statements). Open any annual/quarterly report and you should see the balance sheet and income statement.
Zefania Originally Answered: Help with accounting homework re balance sheet and income statement?
Every Publicly traded company (e.g. on NASDAQ or NYSE) should have the financial statements posted on their company website under investor relation section. If you are not sure what company is publicly traded, go to Yahoo! Finance and search for some. And actually Yahoo! Finance does supply a simplified version of the company financial statements too (no disclosure notes though)
Zefania Originally Answered: Help with accounting homework re balance sheet and income statement?
amassed revenues (amassed asset) This has numerous elements to seem at. The adjusting get entry to for this accrual, is a debit to money owed receivable and a credit to expenses earned. The amassed asset will be coated in the steadiness sheet as an account receivable. The amassed revenues will be coated in the earnings actuality as expenses earned. If those money owed were no longer adjusted, money owed receivable and capital might want to be understated on the steadiness sheet and expenses earned and internet earnings might want to be understated on the earnings actuality.

Siward Siward
Calculate the missing amounts sales 210000 cost of goods sold ? Gross Profits from Sales Operating Expenses Net Income (Loss)
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Siward Originally Answered: Large Amounts of money Help?
The first thing for you to do is to set up an Emergency Account with at least 9-12 months worth of your necessary income. That way if an emergency comes up you can take care of it right away without going into debt. The second thing is to set yourself up for retirement. I know that sounds silly for a 19 year old but if you start now you will be very well set when retirement comes whether at age 65 or at age 40. Open a Roth IRA now, Check out the Roth calculators and you will quickly see that you will have a extra million dollars or more saved with no problem. Plus when you do retire and start withdrawing the money, that money will not be subject to ANY income tax. Since you business is doing so well, get yourself a great CPA to set up retirement accounts through your business. Not only will you save money with a great 401(k) account but they money you contribute to your own 401(k) account is not taxable yet so you lower the personal income taxes that you pay now. Your CPA can also set up your business accounts which can also match part of your 401(k) contribution so you are saving even more and your business can get it's own deduction so your business itself pays less taxes. As far a the house and lamborghini, start saving for both of them now. Put 10-15% of your disposable income into a "house account" and 5% into a "car account" now. You will be surprised at how quickly those accounts grow into a down payment for a house and how quickly you can save for a great car. But do yourself a big favor and don't buy the car until you can pay for it in full, in cash. I know that sounds silly but paying non-deductible interest on a 200K car loan is a big waste of your money. At least with a mortgage for a house, the interest that you pay is deductible along with the property tax payments. You can also take 5-10% of you disposable income and start investing for your present and future needs and wants. Basically if you plan ahead, start saving, spend LESS than you make, and most important of all, stay out of debt then you will be fine. Get a great CPA and an attorney well versed in new and continuing businesses. It will cost you some money but it will save you thousands overall.
Siward Originally Answered: Large Amounts of money Help?
20K a month isn't going to make you a millionaire by the time you're 22. Even if you didn't pay taxes and saved every penny, you would only accumulate a maximum of $980K by you 23rd birthday. As far as buying a Murci, I wouldn't recommend it for 2 reasons: 1) Aventador 2) 20K a month isn't enough for that kind of car. A car like that requires a nice house or apartment first. Otherwise it would only lead to your friends/family criticizing you for having it, which makes it pointless. Don't get me wrong. I've been there and I congratulate you on your success. And I encourage you to enjoy it. But I just think that you should focus on: 1) Expanding your enterprise 2) Saving for a nice home As far as a car goes, get Porsche or something for now. Then when you settled into your new crib, trade in the Porsche for an Aventador.

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