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Problem 1-57B The Fundamental Accounting Equation Information for TTL Inc is given below Total assets at the beginning of the solve for a Total assets at the end

Problem 1-57B: The Fundamental Accounting Equation

Information for TTL Inc. is given below.

Total assets at the beginning of the year                 $ (a)    solve for (a)

Total assets at the end of the year                            758,150

Total liabilities at the beginning of the year             368,200

Total liabilities at the end of the year                       (b) solve for (b)                                      

Equity at the beginning of the year                            272,900

Equity at the end of the year                                      $ (c) solve for (c)

Dividends paid during the year                                    35,500

Net income for the year                                              (d) solve for (d)

Revenues                                                                         929,440

Expenses                                                                         835,320

Required:

Us the relationship in the balance sheet, income statement, and retained earnings statement to determine the missing values.

Hint:

The easiest way to solve this is to use the accounting equation:

Beginning of the year A = L + OE or 641,110 = 368,200 + 272,900

End of the year A = L + OE or 758,150 = X + 272900 -35,500 (dividends) + 929,440 (revenues) - 835,320 (expenses)

Jun 23 2020 View more View Less

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