CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income Statement Year ended Dec. 31, 2021 Common Retained Total Stk. Revenues (a) Stock Earnings Equity Expenses: Beginning balance $14,000 $7,000 $21,000 Salaries $13,000 Issuances of stock (c) (c) Rent 7,000 Add: Net income 5,000 5,000 Advertising 5,000 Less: Dividends (d) $8,000 (d) $25,000 Net income (b) Ending balance $17,000 CYCLONE, INC. Balance Sheet Dec. 31, 2021 Assets Liabilities $ 1,100 (e) Cash Accounts payable $4,000 Supplies Stockholders' Equity Land 6,000 Common stock (g) Building 16,000 Retained earnings (h) Total liabilities and Total assets stockholders' equity

CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income Statement Year ended Dec. 31, 2021 Common Retained Total Stk. Revenues (a) Stock Earnings Equity Expenses: Beginning balance $14,000 $7,000 $21,000 Salaries $13,000 Issuances of stock (c) (c) Rent 7,000 Add: Net income 5,000 5,000 Advertising 5,000 Less: Dividends (d) $8,000 (d) $25,000 Net income (b) Ending balance $17,000 CYCLONE, INC. Balance Sheet Dec. 31, 2021 Assets Liabilities $ 1,100 (e) Cash Accounts payable $4,000 Supplies Stockholders' Equity Land 6,000 Common stock (g) Building 16,000 Retained earnings (h) Total liabilities and Total assets stockholders' equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.

Question

Below are incomplete financial statements for Cyclone, Inc.

Required:
Calculate the missing amounts.

CYCLONE, INC.
CYCLONE, INC.
Statement of Stockholders' Equity
Year ended Dec. 31, 2021
Income Statement
Year ended Dec. 31, 2021
Common
Retained
Total Stk.
Revenues
(a)
Stock
Earnings
Equity
Expenses:
Beginning balance
$14,000
$7,000
$21,000
Salaries
$13,000
Issuances of stock
(c)
(c)
Rent
7,000
Add: Net income
5,000
5,000
Advertising
5,000
Less: Dividends
(d)
$8,000
(d)
$25,000
Net income
(b)
Ending balance
$17,000
CYCLONE, INC.
Balance Sheet
Dec. 31, 2021
Assets
Liabilities
$ 1,100
(e)
Cash
Accounts payable
$4,000
Supplies
Stockholders' Equity
Land
6,000
Common stock
(g)
Building
16,000
Retained earnings
(h)
Total liabilities and
Total assets
stockholders' equity

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