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P1–5A Financial statement information about four different companies is as follows (Karma Company Yates Company McCain Company Dench Company)

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P1–5A Financial statement information about four different companies is as follows.
Karma Company Yates Company McCain Company Dench Company



Instructions:
(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets - liabilities = Stockholders’ Equity = $45,000.)

(b) Prepare the retained earnings statement for Yates Company. Assume beginning retained earnings was $20,000.

(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the retained earnings statement to the income statement and balance sheet.

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