Ex. 266
One item is omitted in each of the following summaries of statement of financial position and income statement data for three different corporations, X, Y, and Z. Determine the amounts of the missing items, identifying each corporation by letter.
Corporation
X Y Z
Beginning of the Year:
Assets?380,000?150,000?199,000
Liabilities270,000105,000168,000
End of the Year:
Assets450,000185,000195,000
Liabilities280,00095,000149,000
During the Year:
Issued additional ordinaryshares ? 79,00080,000
Dividends90,00083,000 ?
Revenue195,000 ? 187,000
Expenses170,000113,000175,000
Ex. 267
Indicate in the space provided by each item whether it would appear on the Income Statement (IS), Statement of Financial Position (FP), or Retained Earnings Statement (RE):
a._____Service Revenueg.___Accounts Receivable
b._____Utilities Expenseh. ___Retained Earnings (ending)
c._____Cashi.___Equipment
d._____Accounts Payablej.__Advertising Expense
e._____Suppliesk.__Dividends
f._____Salaries and Wages Expensel.__Notes Payable