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Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Beginning of year.
Plunkett Co.
Herring Enterprises
Total assets
$ 97,000
$122,000
Total liabilities
85,000
(c)
Total stockholders equity
(a)
75,000
End of year.
160,000
180,000
120,000
50,000
40,000
130,000
Changes during year in stockholders' equity:
Additional investment
(b)
25,000
Dividends
15,000
(d)
Total revenues
215,000
100,000
Total expenses
175,000
55,000
Instructions
Determine the missing amounts.
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