ACCT 284 at Iowa State University

4. Solving for Missing Amounts

in Topic 2 (Problem 4 of 6)

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 Topic 2 Problems at Once View
1 Current Assets Easy
2 Effect on the Current Ratio Easy
3 Retained Earnings Easy
4 Solving for Missing Amounts
You are here. 		Moderate
5 Account Classifications Hard
6 Calculating Operating Income Hard
← Topic 1

Topic 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 The Multistep Income Statement 12:44
8 Retained Earnings vs Shareholder's Equity 6:41
9 Ratios: Working Capital 2:29
10 Ratios: Current Ratio 4:00
11 Gross Profit vs Net Profit 6:15
12 Profit Margin 3:22
Topic 3 →