[Bishop07]

One item is omitted in each of the following summaries of balance sheet and income statement data (in millions) for Google and Verizon Communications as of December 31, 2008 and 2007.

Determine the missing amounts.

Google Verizon
December 31, 2007:
Assets $25,336 $
Liabilities $ $
Stockholders' equity $ $50,581
Increase (Decrease) in assets, liabilities, and stockholders' equity during 2008:
Assets $6,432 $
Liabilities $883 $24,268
Stockholders' equity $5,549 $
December 31, 2008:
Assets $ $202,352
Liabilities $3,529 $
Stockholders' equity $ $41,706

[tickle]

There are no FREE answers, bishop. Just hard work and hitting the books.

Hitting the books sometimes is what we do to answer a question, being volunteers and having to help is what we do, but if you try really hard maybe you can do it yourself.

[pready]

The basic accounting equation is:
Assets = Liabilities + Owners Equity
So to solve for any of these amounts you need to input your known values and solve for the unknown amount.

For increases or decreases simply add or subtract the amount from your beginning amounts.

To get the beginning amount you can also add or subtract the increase or decrease amount from the ending amount to get your beginning amount.

[GOHOME2012]

Pamela Anderson's Retail Boutique asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For the year 2006, they had the following data: Beginning Inventory on Jan. 1 st (10000 units) $35,000 Cost of 110,000 units purchased $460,000 Selling price of 95,000 units sold $665,000 Total Sales returns and allowances $10,000 Operating expenses total $120,000 Units purchased consisted of 40,000 unites at $4,00 on May 10th; 50,000 units at $4,20 0n August 15th; and 20,000 units at $4,50 on November 20th. Income Taxes are 30% a. Prepare 2 multi-step income statement for 2006 using FIFO and LIFO (show all computations for inventory costing) b. Which inventory cost flow method produces the most meaningful inventory for the balance sheet? c. Which inventory cost flow method produces the most realistic and meaningful net income?