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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
Income Statement
Revenues
$85,000
Cost of goods sold
(c)
Salaries and wages expense
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.
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