ACCT 2050 at University of Minnesota--Twin Cities

4. Tying the Statements Together

in Topic 1 (Problem 4 of 5)

A company had the following account balances at the end of its first year of operations. Find the missing amounts.

Net Income 560 Common Stock 1,600
Accounts Payable 500 Retained Earnings 550
Inventory ? Revenue ?
Equipment 1,200 Expenses 1,760
Accounts receivable 700 Cash 1,000
Dividends ? Wages Payable 900
  1. Determine Inventory
  2. Determine Revenue
  3. Determine Dividends
Watch Solution (4:33) Hide Solution Reveal Solution
  1. Inventory is 650
  2. Revenue is 2,320
  3. Dividends are 10

The Rest Of The Practice Problems

Click Here to View All Topic 1 Problems at Once View
1 Matching Basic Vocabulary Easy
2 Account Classifications Moderate
3 Solving for Net Income Moderate
4 Tying the Statements Together
You are here. 		Moderate
5 Solving for Retained Earnings Hard

Topic 1 Videos

1 The Accounting Equation 3:02
2 Assets vs Liabilities 5:32
3 Shareholder's Equity 5:26
4 The Balance Sheet 5:52
5 The Statement of Retained Earnings 5:51
6 The Income Statement 6:19
7 The Statement of Cash Flows 6:02
8 How the Statements Work Together 9:02
Topic 2 →