E2.7. Using Accounting Relations to Check Errors (Hard) A chief executive reported the following numbers for fiscal year

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E2 7 Using Accounting Relations To Check Errors Hard A Chief Executive Reported The Following Numbers For Fiscal Year 1 (33.93 KiB) Viewed 48 times

E2.7. Using Accounting Relations to Check Errors (Hard) A chief executive reported the following numbers for fiscal year 2012 to an annual meeting of shareholders (in millions): Revenues Total expenses, including taxes Other comprehensive income Total assets, end of year Total liabilities, end of year Dividends to shareholders Share issues Share repurchases Shareholders' equity, beginning of year $ 2,300 1,750 (90) 4,340 1,380 400 900 150 19,140 Show that at least one of these numbers must be wrong because it does not obey accounting relations.