Compute the Missing Information in Each of the Four Independent

question 71

Short Answer

Compute the missing information in each of the four independent cases below.The letters in parentheses refer to the following:
$\begin{array}{ll}\text { BS } & \text { - Balance sheet } \\\text { IS } & \text { - Income statement } \\\text { SCF } & \text { - Statement of cash flows }\end{array}$

a. $\begin{array}{ll}\text { Accounts Receivable, Jan. 1, Year 2 (BS) } & \$ 500 \\\text { Sales on Account for Year 2 (IS) } & 1900 \\\text { Collections from Customers on Account during Year 2 (SCF) } & 1,350 \\\text { Accounts Receivable, Dec. 31, Year 2 (BS) } & -?-\end{array}$

b. $\begin{array}{ll}\text { Salaries Payable, Jan. 1, Year 2 (BS) } & \$ 175 \\\text { Salary Expense for Year 2 } & -?- \\\text { Payments to Salaried Employees during Year 2 (SCF) } & 725 \\\text { Salaries Payable, Dec. 31, Year 2 (BS) } & 100\end{array}$

c. $\begin{array}{ll}\text { Equipment (net of depreciation), Jan. 1, Year 2(BS) } & \$ 900 \\\text { Depreciation Expense for Year 2 (IS) } & -?- \\\text { Sales of Equipment during Year 2 (SCF) } & -0- \\\text { Acquisition of Equipment during Year 2 (SCF) } & 330 \\\text { Equipment (net of depreciation), Dec. 31, Year 2 (BS) } & 910\end{array}$

d. $\begin{array}{ll}\text { Retained Earnings, Jan. 1, Year 2 (BS) } & \$ 1,550 \\\text { Net Income for Year 2 (IS) } & 400 \\\text { Dividends Declared and Paid during Year 2 (SCF) } & -?- \\\text { Retained Earnings, Dec. 31, Year 2 (BS) } & 1,350\end{array}$

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Definitions:

Upper Class

A social group that is considered to be the highest tier in a society based on wealth, education, family background, and occupation.

GPA Over 3.0

A general academic achievement indicator showing that a student's Grade Point Average is above 3.0 on a 4.0 scale, usually reflecting above-average performance.

Upper Class

In a statistical context, refers to the higher end of a class interval in a frequency distribution, not to be confused with socioeconomic classifications.

GPA Between

Concerns the comparison or calculation of Grade Point Averages for different sets of students or periods.