What caused changes in the retained earnings account, and (d) what caused changes in the cash…
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Reporting Amounts on the Four Basic Financial Statements
Using the following table and the equations underlying each of the four basic financial statements, show ( a ) that the balance sheet is in balance, ( b ) that net income is properly calculated, ( c ) what caused changes in the retained earnings account, and ( d ) what caused changes in the cash account.
Assets
$79,500
Beginning Retained Earnings
$20,500
Liabilities
18,500
Ending Retained Earnings
28,750
Stockholders’ Equity
61,000
Cash Flows from Operating Activities
15,700
Revenue
32,100
Cash Flows from Investing Activities
(7,200)
Expenses
18,950
Cash Flows from Financing Activities
(5,300)
Net Income
13,150
Beginning Cash
3,200
Dividends
4,900
Ending Cash
6,400
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