acg2021 at Florida International University

5. Solving for Missing Amounts

in Chapter 1 (Problem 5 of 10)

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


Cash 1,300 Accounts receivable ?
Inventory 400 Property and equipment 1200
Accounts payable 500 Salaries payable 800
Common Stock 1475 Retained earnings 525
Revenue 2500 Expenses ?
Net Income 570 Dividends ?
  1. Determine Accounts Receivable
  2. Determine Expenses
  3. Determine Dividends
Watch Solution (4:17) Hide Solution Reveal Solution
  1. Accounts Receivable - 400
  2. Expenses - 1,930
  3. Dividends - 45

The Rest Of The Practice Problems

Click Here to View All Chapter 1 Problems at Once View
1 Current Assets Easy
2 Matching Basic Vocabulary Easy
3 Retained Earnings Easy
4 Account Classifications Moderate
5 Solving for Missing Amounts
You are here. 		Moderate
6 Solving for Net Income Moderate
7 Tying the Statements Together Moderate
8 Account Classifications Hard
9 Calculating Operating Income Hard
10 Solving for Retained Earnings Hard

Chapter 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
9 Current Assets 9:57
10 Non-Current Assets 10:25
11 Current Liabilities 6:24
12 Non-Current Liabilites 2:00
13 Contributed Capital 5:10
14 The Classified Balance Sheet 4:48
15 The Multistep Income Statement 12:44
16 Retained Earnings vs Shareholder's Equity 6:41
Chapter 2 →