Solution-Calculate the missing amounts

Calculate the missing amounts

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Reference no: EM13858893

Here are incomplete financial statements for Riedy, Inc

RIEDY, INC. Balance Sheet
	Assets	Liabilities and Stockholders' Equity
Cash	$ 7,000	Liabilities
Inventory	10,000	Accounts payable	$ 5,000
Buildings	45,000	Stockholders' equity
Total assets	$62,000	Common stock	(a)
Total assets	$62,000	Retained earnings	(b)
		Total liabilities and
		stockholders' equity	$62,000

Income Statement
Revenues	$85,000
Cost of goods sold	(c)
Salaries and wages expense	10,000
Net income	$ (d)

Retained Earnings Statement
Beginning retained earnings	$12,000
Add: Net income	(e)
Less: Dividends	5,000
Ending retained earnings	$27,000

Instructions: Calculate the missing amounts.

Reference no: EM13858893

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Calculate the missing amounts

Reference no: EM13858893

Reference no: EM13858893

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