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Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?

Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 13E: Ratio of liabilities to stockholders equity and times interest earned The following data were taken...
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please answer with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text no copy from other answer show explain with reason and calculation clearly
The following incomplete financial statements are for JTC Enterprises Inc.: $1,250,063 Revenues. Salaries expense. Administrative expenses Interest expense Rent expense Total expenses. Net income. Total shareholders' equity, beginning of year Common shares, beginning of year Issue of shares.. Common shares, end of year. Retained earnings, beginning of year. Dividends declared Retained earnings, end of year. Total shareholders' equity, end of year Total assets Total liabilities.. Total liabilities and shareholders' equity. Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity 680,000 250,438 45,000 18,000 (a) (b) $811,000 (c) 250,438 475,000 (d) 58,000 1,785,000 (g) 785,063 Q Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation? 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?
Transcribed Image Text:The following incomplete financial statements are for JTC Enterprises Inc.: $1,250,063 Revenues. Salaries expense. Administrative expenses Interest expense Rent expense Total expenses. Net income. Total shareholders' equity, beginning of year Common shares, beginning of year Issue of shares.. Common shares, end of year. Retained earnings, beginning of year. Dividends declared Retained earnings, end of year. Total shareholders' equity, end of year Total assets Total liabilities.. Total liabilities and shareholders' equity. Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity 680,000 250,438 45,000 18,000 (a) (b) $811,000 (c) 250,438 475,000 (d) 58,000 1,785,000 (g) 785,063 Q Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation? 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?
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