Question

The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Cullumber Corporation and Blossom Enterprises, are presented below for 2022. Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earnings.

			Cullumber Corporation		Blossom Enterprises
Beginning of year
	Total assets		$120,000		$155,000
	Total liabilities		89,000		(d) enter a dollar amount
	Total stockholders' equity		(a) enter a dollar amount		78,000
End of year
	Total assets		(b) enter a dollar amount		215,000
	Total liabilities		128,000		60,000
	Total stockholders' equity		72,000		(e) enter a dollar amount
Changes during year in retained earnings
	Dividends		(c) enter a dollar amount		4,900
	Total revenues		242,000		(f) enter a dollar amount
	Total expenses		151,000

Answer 1

		Cullumber Corporation	Blossom Enterprises
Beginning of year
	Total assets	$120,000	$155,000
	Total liabilities	$89,000	$77,000
	Total stockholders' equity	$31,000	$78,000
End of year
	Total assets	$200,000	$215,000
	Total liabilities	$128,000	$60,000
	Total stockholders' equity	$72,000	$155,000
Changes during year in retained earnings
	Dividends	$50,000	$4,900
	Total revenues	$242,000	[End balance of Stockholder's Equity + Expenses (because you did not provide ‘Expense’ detail in question) + Dividends - Beg bal of Stockholder's Equity]
	Total expenses	$151,000	[amount missing in question data]

--Working

		Cullumber Corporation	Blossom Enterprises
Beginning of year
	Total assets	120000	155000
	Total liabilities	89000	=155000-78000
	Total stockholders' equity	=120000-89000	78000
End of year
	Total assets	=128000+72000	215000
	Total liabilities	128000	60000
	Total stockholders' equity	72000	=215000-60000
Changes during year in retained earnings
	Dividends	=31000+242000-151000-72000	4900
	Total revenues	242000	[End balance of Stockholder's Equity + Expenses + Dividends - Beg bal of Stockholder's Equity]
	Total expenses	151000	[amount missing in question data]