ac210 at University of Alabama

5. Solving for Missing Amounts

in Chapter 2 (Problem 5 of 7)

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 2 Problems at Once View
1 Current Assets Easy
2 Effect on the Current Ratio Easy
3 Retained Earnings Easy
4 T/F: T-Account Logic Easy
5 Solving for Missing Amounts
You are here. 		Moderate
6 The Effect of Journal Entries Moderate
7 Account Classifications Hard
← Chapter 1

Chapter 2 Videos

1 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 Contributed Capital 5:10
6 The Classified Balance Sheet 4:48
7 Retained Earnings vs Shareholder's Equity 6:41
8 Ratios: Current Ratio 4:00
9 T-Accounts 3:15
10 Debits and Credits 6:49
Chapter 3 →