Solution-Here are incomplete financial statements for liam

Here are incomplete financial statements for Liam, Inc.

LIAM, 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)
		Retained earnings	(b)
		Total liabilities and
		stockholders" equity	$62,000

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.

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