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Question - The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented below for 2017.
Walco Corporation
Gunther Enterprises
Beginning of year
Total assets
$120,000
$144,000
Total liabilities
62,000
$
Total stockholders' equity
75,000
End of year
178,000
129,000
51,000
51,100
Changes during year in retained earnings
Dividends
5,400
Total revenue
219,000
Total expenses
160,000
82,000
Required - Determine the missing amounts. Assume all changes in stockholders equity are due to changes in retained earnings.
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