LEVIS, INC. Balance Sheet Assets Liabilities and Stockholders' Equity Cash 18,000 Liabilities Inventory 22,000 Accounts payable 5,000 Buildings 60,000 Stockholders' equity Common stock (a) Retained earnings (b) Total liabilities and Total assets 100,000 stockholders' equity 100,000 Income Statement Retained Earnings Statement Revenues 85,000 Beginning retained earnings 25,000 Cost of goods sold (c) Add: Net income (e) Salaries and wages expense 15,000 Less: Dividends 10,000 Net income (d) Ending retained earnings 45,000 Required Calculate the missing amounts (in rupees).

LEVIS, INC. Balance Sheet Assets Liabilities and Stockholders' Equity Cash 18,000 Liabilities Inventory 22,000 Accounts payable 5,000 Buildings 60,000 Stockholders' equity Common stock (a) Retained earnings (b) Total liabilities and Total assets 100,000 stockholders' equity 100,000 Income Statement Retained Earnings Statement Revenues 85,000 Beginning retained earnings 25,000 Cost of goods sold (c) Add: Net income (e) Salaries and wages expense 15,000 Less: Dividends 10,000 Net income (d) Ending retained earnings 45,000 Required Calculate the missing amounts (in rupees).

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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