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)

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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