Calculate missing amounts. LO 3), AN E1-9 Here are incomplete financial statements for Donavan, Inc. Assets DONAVAN, INC. Balance Sheet Liabilities and Stockholders' Equity Cash $ 7,000 Liabilities Inventory 10,000 Accounts payable Buildings 45,000 Stockholders' equity Total assets $62,000 Common stock $ 5,000 Retained earnings (b) Total liabilities and stockholders' equity $62,000

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ECONOMICS

Calculate missing amounts.
(LO 3), AN
E1-9 Here are incomplete financial statements for Donavan, Inc.
Cash
Assets
Inventory
Buildings
Instructions
Calculate the missing amounts.
Total assets $62,000
DONAVAN, INC.
Balance Sheet
$7,000 Liabilities
Accounts payable
10,000
45,000 Stockholders' equity
Common stock
(a)
Retained earnings
(b)
Total liabilities and stockholders' equity $62,000
Liabilities and Stockholders' Equity
Income Statement
Revenues
Cost of goods sold
Salaries and wages expense
Net income
$85,000
(c)
10,000
S (d)
Retained Earnings Statement
Beginning retained earnings $12,000
Add: Net income
(e)
Less: Dividends
5,000
Ending retained earnings
$27,000
$ 5,000
Transcribed Image Text:Calculate missing amounts. (LO 3), AN E1-9 Here are incomplete financial statements for Donavan, Inc. Cash Assets Inventory Buildings Instructions Calculate the missing amounts. Total assets $62,000 DONAVAN, INC. Balance Sheet $7,000 Liabilities Accounts payable 10,000 45,000 Stockholders' equity Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $62,000 Liabilities and Stockholders' Equity Income Statement Revenues Cost of goods sold Salaries and wages expense Net income $85,000 (c) 10,000 S (d) Retained Earnings Statement Beginning retained earnings $12,000 Add: Net income (e) Less: Dividends 5,000 Ending retained earnings $27,000 $ 5,000
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