73) Sea the World Cruises has assets of $450,000 and shareholders' equity of $300,000. Calculate the amount of its liabilities.
74) Shelby's Music reported net income of $35,000 for the year. During the year, it received $125,000 in revenues. Calculate the amount of expenses for the year.
75) Seminole Company had a net cash inflow of $80,000 from operating activities. It spent $40,000 on investing activities. Seminole received $50,000 in cash from issuing stock. Given no other cash activity, calculate the net increase or decrease in cash.
76) At the beginning of the year, Anudu had $220,000 in liabilities. During the year, assets increased by $150,000, and at year-end they totaled $450,000. Liabilities decreased $20,000 during the year. Calculate the amount of both the beginning and ending value of shareholders' equity.
77) Fill in the missing income statement amounts in the spaces below;
|
Company 1
|
Company 2
|
Company 3
|
Revenues
|
$920
|
2. $________
|
$2,750
|
Expenses
|
$380
|
$775
|
$2,980
|
Net income (Net loss)
|
1. $_________
|
$300
|
3. $__________
|
78) For each of the following transactions, determine whether there is an increase, decrease, or no change in net income.
a. Purchased inventory for $8,700.
b. Earned $15,000 in sales for the month.
c. The cost of inventory sold was $6,000.
d. Dividends paid to shareholders were $1,000.
e. Paid employees $1,300.