The Following Is a Partial Set of Financial Statements Prepared

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The Answer is a = 16,000b = 28,000c = 28,000d = 12,000e = 96,000f = 100,000g = 24,000h = 16,000i = 96,000j = (16,000)k = 28,000l = 24,000Solve for "l" first: l + 80,000 − 12,000 = 92,000; l = 24,000Next, solve for "k": k − 20,000 + 92,000 = 100,000; k = 28,000Next, solve for "j": 44,000 − j = 28,000; j = 16,000Next, solve for "a": a = j; a = 16,000Next, solve for "b": 44,000 − 16,000 = b; b = 28,000Next, solve for "c": c = b; c = 28,000Next, solve for "d": 0 + 28,000 − d = 8,000; d = 12,000 (can also be taken from statement of cash flows)Next, solve for "e": 80,000 + 16,000 = 96,000Next, solve for "f": f + 20,000 = 120,000; f = 100,000Next, solve for "h": h = 16,000 (taken from statement of changes in stockholders' equity)Next, solve for "i": 80,000 + 16,000 = i; i = 96,000Last, solve for "g": g + 96,000 = 120,000; g = 24,000

The Following Is a Partial Set of Financial Statements Prepared

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The Following Is a Partial Set of Financial Statements Prepared

Essay

Correct Answer:VerifiedShow Answer

Correct Answer:
Verified